Following the confirmation of Mr. Godwin Emefiele as the next Governor of the Central Bank of Nigeria (CBN), the Board of Directors of Zenith Bank Plc has approved the appointment of Mr. Peter Amangbo as the Managing Director/CEO-designate, effective June 1, 2014.

In a statement, the bank said the appointment of Amangbo is consistent with the bank’s tradition and succession strategy of grooming leaders from within. The appointment however is subject to confirmation by the CBN.

Amangbo holds an MBA from the Warwick Business School and a B.Eng in Electrical and Electronics Engineering from the University of Benin. He is also an alumnus of INSEAD and a fellow of the Institute of Chartered Accountants of Nigeria.
By this appointment, Amangbo becomes the third chief executive officer of the 24-year-old bank.

He has over two decades of banking experience with Zenith Bank in corporate finance and investment banking, business development, credit and marketing, treasury, financial control and strategic planning and operations.

He was appointed to the board of the bank and its subsidiary companies in 2005, and was a pioneer Non-Executive Director of Zenith Bank UK.

As an Executive Director of Zenith Bank for the last nine (9) years, Amangbo was responsible for the supervision of corporate and commercial banking, corporate finance, trade services and all the subsidiaries of the bank.

Amangbo also has a demonstrable ability to motivate, mentor and lead talented senior professionals and to direct cross-functional teams.

He was part of the team that drove the strategic planning and successful execution of positioning the bank as one of the best in the country. His leadership skills continue to make significant contributions to the bank’s growth.

Before joining the banking industry, he was a senior consultant with PriceWaterhouseCoopers where he covered assignments in financial services, manufacturing and general commerce.

He is a member of the board of directors of Zenith Bank, Zenith Insurance Ltd, Zenith Pensions Ltd, Zenith Capital Ltd, and Zenith Bank, UK, and was a member of the board of Interswitch Nigeria Ltd from 2005 to 2007.

Reacting to his appointment, the Chief Executive Officer of Financial Derivatives Company, Mr. Birsmack Rewane, said Amangbo’s appointment was on point, especially “since he is from within the system”.

“The appointment in the main is a safe bet. I think he could capitalise on the fact that he has a Zenith veteran at the CBN,” adding, “Like in tennis, it is advantage Zenith.”

The Head of Research at investment banking firm, Dunn Loren Merrifield Limited, Mr. Tola Odukoya, said the appointment indicated that Nigerian institutions are fast taking succession planning more seriously.

“Given that he has been in Zenith Bank for over two decades, I expect Mr. Amangbo to continue with the tradition of Zenith Bank being a strong player in the corporate segment of the market and also among the most liquid banks in the domestic banking space.

“It also indicates that Nigerian institutions are moving in the direction of proper succession planning, which is crucial to the growth and longevity of any institution,” he said.