Confusion As Zenith Bank Names Chuks Okoh As GMD

Confusion seems to be rocking Zenith Bank now following Chuks Okoh‘s appointment as GMD. 

Chuks Emma Okoh may have been appointed to the board of Zenith Bank Plc as Group Managing Director (GMD) and Chief Executive Officer, succeeding Ebenezer Onyeagwu, according to a document obtained by iexclusivenews Nigeria.

Although the Bank has not officially announced Ebenezer Onyeagwu’s exit as Zenith Bank GMD, the firm’s trading document dated 19th December 2022, signed by Michael Osilama Otu, the Company’s Secretary/ General Counsel, obtained by News One, Chuks Okoh was described as the lender’s GMD and Chief Executive.

This online news outlet understands that Onyeagwu has been the GMD and CEO of Zenith Bank for the last four years, since he was appointed in June 2019 and confirmed by the Central Bank of Nigeria (CBN).

iexclusivenews reports that the document indicating Chuks Okoh as Zenith Bank GMD means Onyeagwu didn’t serve up to the maximum tenure of ten years. His predecessor, Peter Amangbo had also served five years as GMD/CEO.

Okoh was described as a Non-Executive Director by the commercial bank in its Second Quarter Financial Statements for 2022 prior to the firm’s trading document dated 19th December, identifying him as Zenith Bank’s GMD and Chief Executive.

Chuks Okoh.

Zenith Bank trading document dated 19th December 2022, revealed that Okoh, who was appointed to the Board on April 12, 2022, had parted with N2.31 million to acquire 102,697 units of shares on December 13, 2022.

There are indications that Okoh previously didn’t own any shares in Zenith Bank, while surprisingly, Onyeagwu had been increasing his stake at the firm from seven million direct shares (N178.85 million) in 2017 to 80.17 million as of June 2022 ((worth N1.92 billion as of December 20).

Zenith Bank denies Chuks Okoh’s appointment

However, iexclusivenews Nigeria reports that Zenith Bank has issued a statement addressing the confusion surrounding its leadership after the firm’s trading document dated 19th December 2022, hinted that the Group Managing Director, Ebenezer Onyeagwu, had exited his position.

In the statement signed by the company’s secretary, Michael Otu, Zenith Bank admitted that the company erroneously described Okoh as its Group Managing Director in the share dealing document, adding that Onyeagwu remains its Group Managing Director and Chief Executive Officer.

The statement by the bank stated that the “document inadvertently refered to Chuks Emma Okoh as Managing Director instead of Non-Executive Director,” adding that “this was an error which has been corrected with the erroneous filing pulled down from the portal.”

It added, “For emphasis, Mr. Ebenezer Onyeagwu remains the Group Managing Director/Chief Executive of Zenith Bank Plc while Mr. Chuks Okoh is a Non-Executive Director.”