By Oghenekevwe Kofi
Who runs the world, girls. It sounds playful, almost cheeky, but when you pause and take stock of Nigeria’s banking industry today, it feels increasingly accurate. What was once an industry dominated almost entirely by men has slowly, deliberately opened its doors to women who now sit at the very top of financial power.
Twenty years ago, the story was very different. In the early 2000s, Nigeria’s bank MD and CEO positions were firmly male territory. Female executives existed, but rarely at the apex. Board chairs were even more exclusive, and the idea of women leading multiple commercial banks at the same time felt distant.
Then came Cecilia Ibru. As the former managing director of Oceanic Bank, she did more than just run a bank. She shattered assumptions. Love her or criticise her, Ibru’s rise marked a turning point. For the first time, a woman was visibly and unapologetically in charge of one of Nigeria’s major banks, setting a precedent that could not be erased.
Today, the numbers tell a different story. Nigeria currently has 44 licensed deposit money banks. Out of these, 10 are now led by women serving as MD or CEO. That puts female leadership at just over 20 percent, a dramatic shift from two decades ago when the figure was effectively zero.
The current list reads like a roll call of influence. Adaora Umeoji at Zenith Bank, Miriam Olusanya at GTBank, Nneka Onyeali Ikpe at Fidelity Bank, Yemisi Edun at FCMB, Yetunde Oni at Union Bank, Nneka Enwereji at Citibank Nigeria, Halima Buba at SunTrust Bank, Bukola Smith at FSDH Merchant Bank, Tomi Somefun who until recently led Unity Bank, and Kafilat Araoye of Lotus Bank, who made history as the pioneer MD and CEO of Nigeria’s first fully non interest commercial bank.
What makes this moment even more significant is timing. These women are leading at a point when the industry is under pressure. The ongoing banking recapitalisation exercise has forced banks to raise fresh capital, restructure operations and reassure investors in an uncertain economy. That women are at the helm during such a demanding period reflects how far perceptions have shifted. Leadership is no longer viewed through a gendered lens but through competence and results.
The current crop did not appear out of nowhere. Several women paved the way and held top positions in the past. Funke Osibodu and Suzanne Iroche were appointed to stabilise Union Bank and FinBank respectively after the 2009 banking crisis. Bola Adesola led Standard Chartered Bank Nigeria and later rose to oversee the bank’s Africa business. Sola David Borha served as CEO of Stanbic IBTC Bank. Ireti Samuel Ogbu previously ran Citibank Nigeria before moving on to a regional role. Bolaji Agbede also served as Acting Group CEO of Access Holdings, proving that women have not only led banks permanently but have also been trusted with transitional leadership at critical moments.
Leadership in banking is not limited to executive offices. Boardrooms matter just as much. While the number remains small, women have also chaired some of Nigeria’s most powerful banks. Toyin Sanni currently chairs GTCO. Ifeyinwa Osime serves as chairman of Access Bank. In the past, women have also held board leadership roles across financial institutions, reinforcing the idea that influence is gradually spreading beyond executive management into governance.
The most interesting shift is not just numerical but cultural. Twenty years ago, a female bank CEO was newsworthy because it was rare. Today, it is still notable, but it is no longer shocking. The conversation has moved from whether women can lead banks to how effectively they are navigating recapitalisation, regulation, digital disruption and economic volatility.
There is still work to be done. Ten women out of 44 banks is progress, not parity. Board leadership remains largely male, and succession pipelines still need rebalancing. But compared to the era when Cecilia Ibru stood almost alone at the top, the change is undeniable.
Nigeria’s banking industry is evolving, and so is the face of its leadership. From one woman breaking the ceiling to many holding their ground, this is no longer a story of token representation. It is a story of presence, performance and staying power. And if the past two decades are anything to go by, the next chapter may well belong to even more women.
