Sterling Bank Appoints Jaiyeola, Ikwudinma as Directors as Four Board Members Retire

Sterling Bank Limited has appointed Laoye Jaiyeola and Chinedu Ikwudinma as Independent Non-Executive Directors following approval from the Central Bank of Nigeria (CBN) as the lender restructures its board with the retirement of four directors.

Sterling Financial Holdings Company Plc, the parent company of Sterling Bank, disclosed the changes in a regulatory filing to the Nigerian Exchange Limited (NGX).

Jaiyeola’s appointment took effect on August 17, 2026, while Ikwudinma joined the board effective August 20, 2026.

Jaiyeola brings more than 35 years of experience across financial services, corporate governance and public policy to the board.

He previously served as Managing Director and Chief Executive Officer of Kakawa Discount House Limited, now Quest Merchant Bank, after spending nearly two decades at the Central Bank of Nigeria.

He has also served as President of the Chartered Institute of Bankers of Nigeria (CIBN) and Chief Executive Officer of the Nigerian Economic Summit Group (NESG).

Jaiyeola currently serves on the board of FMDQ Group Plc, the NESG Advisory Board and the Policy Innovation Centre. He is also the Founder and Pro-Chancellor of Hillside University of Science and Technology.

He holds a bachelor’s degree in Economics from Obafemi Awolowo University, a master’s degree in Banking and Finance from the University of Lagos and an MBA from Bangor University.

Ikwudinma, meanwhile, joins Sterling Bank with more than three decades of international banking and financial services experience covering risk management, corporate and investment banking, commercial banking and governance.

He most recently served as Group Chief Risk Officer of Ecobank Transnational Incorporated, where he had responsibility for risk management and internal controls across the banking group’s operations.

He had earlier served as Ecobank’s Group Chief Credit Officer.

Before joining Ecobank, Ikwudinma spent more than two decades at Citibank, holding senior positions across Nigeria, Zambia and Uganda.

His roles included Managing Director and Chief Executive Officer of Citibank Uganda as well as Executive Director and Country Risk Manager for Citibank Nigeria, where he was responsible for a multibillion-dollar credit portfolio.

Ikwudinma was also the pioneer Managing Director of Nova Merchant Bank Limited and currently serves as Chairman of CS&C Associates Limited.

He holds a Bachelor of Engineering degree in Civil Engineering from the University of Nigeria, Nsukka, as well as an M.Sc. in Structural Engineering and an MBA in Finance from the University of Lagos.

Alongside the appointments, Sterling Financial Holdings announced the retirement of Michael Ajukwu and Olusola Oworu, both Independent Non-Executive Directors, following the expiration of their respective tenures.

Non-Executive Director Olaitan Kajero also retired after completing his tenure.

Tunde Adeola retired as Executive Director after attaining the prescribed retirement age for executive directors.

Sterling Financial Holdings said the board appreciated the retiring directors for their leadership, dedication and contributions to the growth of Sterling Bank.

The appointments bring additional experience in risk management, banking, financial markets, governance and economic policy to Sterling Bank’s board as the lender continues operations under the Sterling Financial Holdings structure.