The Managing Director,
The Board recently began the process to hire one Mr.
Our correspondent gathered that the hire was necessary because the current MD/CEO
One of the board members who spoke to our correspondent under condition of anonymity said the board members had all previously agreed to hire
He also said
He said the current MD tenure could not be renewed by the board because he would turn 60 years in less than two years into his contract if renewed, which is the mandatory retirement age of all staff of the bank.
He also explained that although the board had recommended a three-year contract term for
"Incidentally, the approval obtained from the relevant regulator materially modified the intention of the Board as expressed in the conditional offer to
He said following the inability of the Board to hire a new MD, the board approved that his contract with the bank be extended until another MD is appointed adding that the CBN approved it as well.
Speaking on the bank's performance, the MD said the bank has performed very well posting profits in the first nine months of 2020 compared to the same period in 2019, in spite of the harsh operating conditions due to COVID-19 pandemic.
He expressed confidence that the bank's full-year profit in 2020 will surpass the 2019 figures. He also said the bank is opening up more branches as three new branches will come on board by the first quarter of 2020.
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