Sterling Bank Appoints Mayaki as New Board Chairman

Sterling Bank Limited has announced a strategic change in its Board of Directors, with Mr. Olatunji Mayaki assuming the role of Chairman of the Board effective January 1, 2024, following the resignation of Mr. Asue Ighodalo, effective December 31, 2023.

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 assumes the board’s leadership after serving as a non-executive director. His extensive background spans the practice of Law with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. He further served as the pioneer Vice President Legal & Compliance of ARM Limited, Country Head of Legal and Group Company Secretary for all Shell Petroleum companies in Nigeria, and Deputy Managing Director of Addax Petroleum Nigeria.

He sits on the Governing Council of a Nigerian private university, Davidson, and a UK-based NGO and charitable organisation, Chestrad, from where he has championed the establishment of several programs in Nigeria to support health systems, social development, women and the girl child.

An alumnus of the prestigious University of Ibadan, as well as Harvard and INSEAD business schools, Mayaki’s background in Law, Finance and Investment and overall career experience further strengthens the Bank’s dedication to strong corporate governance.

In recent times, Sterling Bank has enhanced its focus on innovation and digitization, introducing specialized products such as Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X, tailored to the unique needs of the Nigerian market. Furthermore, the Bank has forged a partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to develop the real sector of the Nigerian economy with single-digit low-interest loans to SMEs, starting with a N5 billion scheme.

Renowned for its now famous HEART of Sterling strategy; which focuses on investments in Health, Education, Agriculture, Renewable Energy and Transportation; the Bank featured on the prestigious top 100 fastest growing companies in Africa, as published by the globally recognised Financial Times all in 2023. With its optimism about Nigeria, irreverent brand voice and enviable talent management practices, Sterling has been the most recognised awardee of the Great Place To Work Institute over the last 5 years and was named earlier this year as the Overall Best Place To Work In Nigeria.