Nigeria’s diversity, with over 250 ethnic groups, makes leadership positions in national institutions a delicate balancing act. The banking sector, as a critical pillar of the economy, is not exempt from this dynamic.
According to a research published on ResearchGate, certain banks in Nigeria are identified along ethnic lines. First Bank of Nigeria, Guaranty Trust Bank (GTBank), WEMA Bank, Union Bank, Ecobank, and First City Monument Bank (FCMB) are often regarded as Yoruba banks. In contrast, Fidelity Bank, Zenith Bank, and United Bank for Africa (UBA) are considered Igbo banks.
This intersection of ethnicity and leadership is vividly illustrated in the selection processes for key roles in these institutions. Urum Kalu Eke’s biography, UK Eke: A Life of Impact, by Udu Yakubu and Richard Mammah provides a unique lens to understand these complexities through the experiences of UK Eke, the former Group Managing Director of FBN Holdings (2016–2021). The book delves into Eke’s tenure, highlighting how ethnic politics influenced his career and the contentious selection of his successor.
The appointment of the Group Managing Director (GMD) at FBN Holdings reflects how ethnic considerations intertwine with corporate decisions. UK Eke, reflecting on the politics surrounding leadership transitions, noted,
“Much later on, in the politics of selecting the person to succeed him as GMD of FBN Holdings, UK saw what he interpreted as ‘the same ethnic politics’ play out.”
The appointment of Nnamdi Okonkwo, UK Eke’s successor, as GMD of FBN Holdings was one such moment where ethnicity came to the forefront. Despite Okonkwo’s stellar credentials—including a transformative six-year tenure as Managing Director of Fidelity Bank—his candidacy faced resistance due to his Southeast origin.
Eke passionately defended Okonkwo’s qualifications and the need for regional representation on the board, stating,
“This is a national bank, is it not? Then where is the space for balance if we cannot have a GMD from the Southeast? Besides, there is no other Igbo person on the board, and there has not been any for years.”
Eke’s advocacy wasn’t about ethnicity for its own sake but about ensuring fair representation and meritocracy in a national institution.
The road to Okonkwo’s appointment was fraught with resistance. Eke revealed,
“If Nnamdi’s name had come from me to the Board, they would have killed the idea right away, because they had their preferred candidates.”
The opposition wasn’t just covert. Some shareholders questioned whether an Igbo candidate should lead FBN Holdings, citing regional biases. One argument they raised was,
“I was told that they had asked the Governor if he had ever heard of Fidelity Bank having a South-West MD?”
These objections highlight how personal and regional biases often undermine merit-based decision-making in corporate Nigeria.
However, Godwin Emefiele, the Governor of the Central Bank of Nigeria, stood firm. He emphasized the importance of national representation and defended Okonkwo.
Ultimately, Okonkwo’s appointment was approved, and he assumed office as GMD of FBN Holdings in January 2022.
This chapter in UK Eke: A Life of Impact goes beyond the politics of corporate succession. It reflects the enduring challenges of ethnic politics in Nigeria’s corporate sphere and the triumph of merit over bias.
For those interested in the complexities of leadership, governance, and representation in Nigeria, this book offers invaluable insights. Dive into the book to explore the full story and the lessons it holds for navigating transitions in a diverse and complex corporate environment.
