Sterling Bank appoints Olatunji Mayaki as new Board Chairman

Sterling Bank Limited has revealed a strategic shift in its Board of Directors, appointing Mr. Olatunji Mayaki as the new Chairman of the Board, effective January 1, 2024. This transition follows the resignation of Mr. Asue Ighodalo, which took effect on December 31, 2023, aligning with robust corporate governance principles.

According to Temitayo Adegoke, the Company Secretary, Mr. Ighodalo stepped down as Chairman in pursuit of public service. In her statement, Adegoke highlighted Mr. Mayaki’s elevation to lead the Board, emphasizing his role in sustaining the bank’s growth trajectory and fostering continued success.

Mr. Mayaki, who previously served as a non-executive director, brings a wealth of experience, particularly in law, having practiced with the firm formerly known as Ajumogobia, Okeke, Aluko & Oyebode. His professional journey includes pivotal roles such 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.

A champion of social development, health systems, and women and girl child support, Mr. Mayaki has contributed significantly through his roles in various organizations. As an alumnus of the University of Ibadan, as well as Harvard and INSEAD business schools, his multi-faceted background in Law, Finance, and Investment aligns with Sterling Bank’s commitment to robust corporate governance.

Sterling Bank has recently intensified its focus on innovation and digitization, introducing specialized products such as Specta, The Business Hub, OneBank, Qore, Edubanc, HealthBanc, and Omni X, tailored to meet the unique needs of the Nigerian market. The bank has also partnered with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to provide single-digit low-interest loans to SMEs, starting with a N5 billion scheme.

Recognized for its HEART of Sterling strategy—investing in Health, Education, Agriculture, Renewable Energy, and Transportation—Sterling Bank earned a spot on the prestigious top 100 fastest-growing companies in Africa, according to the Financial Times in 2023. Additionally, the bank has consistently been acknowledged by the Great Place To Work Institute, securing the title of the Overall Best Place To Work In Nigeria earlier this year.