With effect from January 1, 2024, Olatunji Mayaki was named chairman of the board by Sterling Bank Limited.
Following Mr. Asue Ighodalo’s departure, which took effect on December 31, 2023, Mayaki was appointed.
In a statement released by the Company Secretary, Temitayo Adegoke, “The resignation of our erstwhile Chairman is in line with the best corporate governance practices as Mr. Ighodalo has offered himself for public service.”
Ms. Adegoke continued by saying, “Mr. Mayaki takes on the leadership of the Board to continue the progressive growth and lead the Bank onto even greater success.”
Mayaki serves as a non-executive director before taking on the role of board chair. His vast experience includes practicing law with the company that was then known as Ajumogobia, Okeke, Aluko & Oyebode. In addition, he held positions as Deputy Managing Director of Addax Petroleum Nigeria, Country Head of Legal and Group Company Secretary for all Shell Petroleum firms in Nigeria, and the first Vice President Legal & Compliance of ARM Limited.
He serves on the boards of Davidson, a private institution in Nigeria, and Chestrad, an NGO and charity with headquarters in the UK. Through these positions, he has pushed for the creation of several projects in Nigeria that assist women, girls, and health systems.
Mayaki, a graduate of the esteemed University of Ibadan, Harvard, and INSEAD business schools, adds even more credibility to the Bank’s commitment to sound corporate governance with her education in law, finance, and investment as well as her extensive professional experience.
Sterling Bank has increased its emphasis on innovation and digitization recently. To better meet the specific requirements of the Nigerian market, the bank has introduced specialized products like Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X.
Additionally, the Bank and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have partnered to provide single-digit low-interest loans to SMEs in order to boost the real sector of the Nigerian economy. The N5 billion initiative is the first of its kind.
Well-known for its now-famous HEART of Sterling strategy, which concentrates on investments in Health, Education, Agriculture, Renewable Energy, and Transportation, the Bank was listed in the Financial Times’ 2023 edition of the prestigious list of the fastest growing companies in Africa.
Earlier this year, Sterling was named the Overall Best Place To Work in Nigeria. With its irreverent brand voice, optimism about Nigeria, and exceptional talent management practices, Sterling has been the most recognized awardee of the Great Place To Work Institute for the past five years.
