Sterling Bank gets new MD, chairman

Lanre Oyetade, Group Business Editor - 26.11.2007

THE Board of Sterling Bank Plc. has announced the retirement of both Mallam Sulaiman Baffa and Mr. Babatunde Dabiri as Chairman and Group Managing Director from the board of the bank.

Sequel to the retirements, which were announced at the weekend in Lagos, the board has approved the appointment of Alhaji S.A Adegunwa as the acting Chairman and Mr. Yemi Adeola as acting Group Managing Director/Chief Executive subject to regulatory approvals.

The retirements, according to the bank’s board, were made in the light of the background that at the inception of the consolidation in the banking industry, “the legacy banks that formed Sterling Bank Plc. resolved to identify tested and proven professionals to direct the affairs of the bank both at the board and the management levels.

“This search resulted in bringing Baffa back from retirement, while Dabiri, the bank’s Group Managing Director/Chief Executive, who had also made up his mind to retire was persuaded to assist in stabilising the new institution, with both men accepting the offer on the condition that it would be for only two years to enable them to go on retirement.”

Baffa is an acclaimed leader in the financial industry and was formerly the Managing Director and Chief Executive Officer of Union Bank and UBA Plc. He was also the Managing Director and Chief Executive of the Nigerian Security Printing & Minting Company Limited and he is on the board of several successful Nigerian companies.