Citibank appoints Shamsuddeen Usman Chairman in Nigeria

Former Minister of Finance, former Minister of National Planning, and former Deputy Governor of the Central Bank of Nigeria, Dr. Shamsuddeen Usman has been appointed the Chairman of the Board, Citibank Nigeria Limited effective July 20, 2022.

The bank disclosed this in a statement yesterday. Usman is the third Chairman of the bank in Nigeria since inception.

Usman had served on the Board of Citibank Nigeria Limited as an Independent non-Executive Director since 2017.

According to the statement, he to replaced Mr. Olayemi Cardoso who retired from the Board, after 12 years as Chairman.

It stated that as Chairman, Cardoso led with distinction and ensured the franchise maintained high standards during his tenure – a leadership style that it noted had been consistent over the course of a very distinguished career within Nigeria’s private, public, and not-for-profit sectors.

Commenting on his retirement, it quoted Cardoso to have expressed gratitude to the shareholders, board, management and staff of Citibank Nigeria for their dedication and support during his time as Chairman.

He added: “I am honoured and humbled to have served alongside an outstanding team. Citi’s footprint in my personal and professional journey remains indelible, and I remain a dedicated alumnus of the bank.”

Cardoso also expressed pleasure over the appointment of Usman.

According to Cardoso, “Dr. Usman’s exemplary leadership both within the private and public sector is well documented. I am convinced that his dedication to the pursuit of excellence will serve the bank well as it enters a new leadership phase.”

Usman is an erudite scholar with nearly four decades of professional experience in both public and private sectors, including banking, management consulting and economics advisory.

“As Chairman, Dr. Usman, together with the Board, will continue to provide oversight of the franchise’s leadership team and drive performance,” it added.

Speaking on his appointment, Usman was quoted to havr expressed gratitude to Cardoso for his years of service.

“Mr. Cardoso’s selfless leadership has contributed significantly to the many milestones that the bank has achieved over the past 12 years.

“I want to thank the Board and shareholders for their support, as we continue to focus on consistently delivering excellence to our key stakeholders,” he added.

Usman, during his time in public service, was responsible for a number of significant national initiatives, including the development of Nigeria’s long-term development strategy, Nigeria Vision 2020 and Nigeria’s Monitoring and Evaluation Framework.

On retirement from public service, Usman has been involved in providing financial and management advisory services.

Among many projects handled by his firm were the design of a short-medium term strategic plan for states in north-eastern Nigeria, as well as designing and implementing a comprehensive performance monitoring and evaluation system for the Lagos State Government. He also conceptualised and inaugurated the Nigeria Electricity Market Summit Group (NEMSG) that brings key stakeholders regularly together to discuss critical issues in the Nigerian Electricity Market.

Usman has a BSc, MSc, and PhD in Economics. He is a past President and a fellow of the Nigerian Economic Society. He is also a fellow of the Chartered Institute of Bankers of Nigeria, the Chartered Institute of Stockbrokers and the Society for Corporate Governance of Nigeria, among others.

Commenting on the appointment, the MD/CEO, Citibank Nigeria, Ireti Samuel-Ogbu said: “I would like to thank Mr. Cardoso for ensuring we maintained high standards as a franchise over the past 12 years.”

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