Sterling Bank Limited has announced a strategic shift in its Board of Directors, with Mr. Olatunji Mayaki taking on the role of Chairman of the Board effective January 1, 2024, succeeding Mr. Asue Ighodalo, who resigned effective December 31, 2023.
According to a statement by the Company Secretary, Temitayo Adegoke, the departure of the former Chairman aligns with best corporate governance practices, as Mr. Ighodalo has chosen to engage in public service.
Ms. Adegoke further stated, “Mr. Mayaki assumes the helm of the Board to sustain the Bank’s progressive growth and steer it towards even greater success.”
Mr. Mayaki, previously a non-executive director, brings a wealth of experience to his new leadership role. His extensive background encompasses legal practice with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. He has also 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.
In addition to his corporate roles, Mr. Mayaki is actively involved in governance, serving on the Governing Council of a Nigerian private university, Davidson, and a UK-based NGO and charitable organization, Chestrad. Through these roles, he has championed the establishment of various programs in Nigeria supporting health systems, social development, women, and the girl child.
An alumnus of the University of Ibadan, as well as Harvard and INSEAD business schools, Mr. Mayaki’s diverse background in Law, Finance, and Investment reinforces the Bank’s commitment to robust corporate governance.
In recent times, Sterling Bank has sharpened its focus on innovation and digitization, introducing specialized products like Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X, tailored to the specific needs of the Nigerian market. The Bank has also partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to support the real sector of the Nigerian economy with single-digit low-interest loans to SMEs, starting with a N5 billion scheme.
Renowned for its HEART of Sterling strategy, concentrating on investments in Health, Education, Agriculture, Renewable Energy, and Transportation, the Bank earned recognition in 2023 by being featured on the prestigious top 100 fastest-growing companies in Africa, as published by the globally recognized Financial Times. With an optimistic outlook on Nigeria, a distinctive brand voice, and exceptional talent management practices, Sterling Bank has consistently received accolades from the Great Place To Work Institute over the last 5 years and was honored earlier this year as the Overall Best Place To Work In Nigeria.