The Central Bank of Nigeria (CBN) Former Director, Mr. Olanrewaju Shittu has been elected as the chairman of SunTrust Bank Nigeria Limited by the bank’s board of directors. He replaces Mr. Jibril Aku.
Shittu’s appointment was announced yesterday by the board at its meeting in Abuja. The board also approved the appointment of Mr. Mohammed Datti Yola as a n
on-executive director subject to the approval of the CBN and Barrister Charles Musa as an independent director. Datti is a retired general manager from the National Pension Commission (PenCom).
The new SunTrust Bank chairman, who retired in 2018, holds a Master of Business Administration (MBA) degree. He is a Fellow (FCA) of the Institute of Chartered Accountants of Nigeria (ICAN), Associate (ACA) Institute of Chartered Accountants of Nigeria (ICAN) and an Associate (ACTI) Chartered Institute of Taxation, Nigeria.
Shittu’s appointment is part of the efforts by the board to enable the bank to play more roles in the Nigerian economy and meet its customer’s satisfaction.
A senior executive in the bank, who alluded to this, said:
“Over 90 per cent of banking transactions are being transacted electronically worldwide. Banking is no longer where you go to, the financial institutions that can stand in the future are no longer those with physical branches but only by banking services that will be driven by technology and therefore most customers of tomorrow will no longer be interested in going to the banking halls.
We are a financial technology bank that will bring banking to your home rather than make you come to us. We will be everywhere but we will be nowhere. We will have the minimum branches required to operate as a bank but we will drive financial services through technology.”