Standard Bank Group, Africa’s largest bank by assets, has appointed Sola David-Borha as the CEO (Rest of Africa) of Standard Bank Group effective January 19th, 2017. In this role, David-Borha will lead all of the group’s African operations excluding South Africa. David-Borha will be based in South Africa.
Prior to David-Borha’s current role, she was the CEO of Stanbic IBTC Holdings, which is a member of the Standard Bank Group. David-Borha served as Stanbic IBTC Holdings CEO from 2012 to 2017.
David-Borha has over 30 years’ experience in the financial services industry and became a Director of Stanbic IBTC Holdings in 1994. She holds a BSc in Economics from the University of Ibadan and an MBA from the Manchester Business School. Her executive educational experience also includes the Advanced Management Program of the Harvard Business School.
Sola David-Borha is a fellow of the Chartered Institute of Bankers of Nigeria (CIBN) and the Vice Chairman of the Nigerian Economic Summit Group (NESG). She is also a Member of the Governing Council of the Redeemers University of Nigeria. In 2016, the All Africa Business Leaders Awards (AABLA) named Sola David-Borha as Business Woman of the Year for the West Africa region.
Taking over from David-Borha is Yinka Sanni, who has been named CEO of Stanbic IBTC Holdings effective January 19th, 2017. Before succeeding David-Borha, Sanni had been the CEO of Stanbic IBTC Bank since 2012. He has over 26 years’ experience in financial services covering banking, pension and asset management. Sanni served as CEO of IBTC Pension Managers and was the pioneer CEO of Stanbic IBTC Asset Management.
Yinka Sanni holds an MBA from the Obafemi Awolowo University and a Bachelor’s degree in Agricultural Economics from the University of Nigeria, Nsukka. He is also a graduate of Harvard Business School’s Advanced Management Program. Sanni is also a fellow of the Chartered Institute of Stockbrokers (CIS) of Nigeria.
Taking over from Sanni is Demola Sogunle, who has been appointed CEO of Stanbic IBTC Bank effective January 25th, 2017. Sogunle was until recently the Deputy CEO of Stanbic IBTC Bank. Prior to Sogunle’s appointment as Deputy CEO of the bank, he was the CEO of Stanbic IBTC Pension Managers, a position he held from August 2011 to December 2015. Prior to his appointment as CEO of Stanbic IBTC’s Pension subsidiary, he was Stanbic IBTC Bank’s Head of Risk as well as its Chief Compliance Officer. He was also formerly the Head of Treasury and Financial Services for Stanbic IBTC Bank, a position he held for over seven years.
The Chairman, Stanbic IBTC Holdings PLC, Atedo Peterside, thanked David-Borha, who he described as one of the finest bankers of her generation, a consummate professional and an exceptional human being for her long and meritorious service to Stanbic IBTC Holdings. He also wished her the best of luck in her new role within the Standard Bank Group.
“The board is confident that our newly appointed executives will benefit the group immensely as they will bring to their new positions an unmatched combination of integrity, experience and a sterling track record. This will no doubt help the business sustain its ongoing growth strategy,” Peterside said.
Sola David-Borha: Additional Background
After spending two decades across various positions within Stanbic IBTC Bank, Sola David-Borha became one of Nigeria’s highest-paid CEOs when she took the helm of the bank’s holding company, Stanbic IBTC Holdings PLC (a member of the Standard Bank Group), in May 2011.
“I knew what I didn’t want to do in life. I wasn’t sure what I wanted to do. I didn’t want to do Medicine, though my father wanted me to do it. I stumbled upon Economics and went down that path. When I was studying in Manchester, I did some courses in Banking and Finance which was quite interesting. I wanted to come back to Nigeria. I had no interest in staying on in the UK. When I came back, my sister had a friend who worked in NAL Merchant Bank. That friend happened to be Mr. Atedo Peterside,” recalls David-Borha. Atedo Peterside is the Founder of Stanbic IBTC Bank PLC.
“So she arranged an appointment for me to go and talk to him and chat with him, talk about career prospects. I subsequently applied for a job there among other banking institutions I was applying to; and I got a job and started work in the credit and marketing department of NAL Merchant Bank. NAL was the pioneer merchant bank in Nigeria, at the time,” David-Borha recalls.
Sola David-Borha’s long history at Stanbic IBTC began when current Chairman, Atedo Peterside, asked her to join the Investment Banking and Trust Company, as one of its foundation staff in the late 1980s. Atedo Peterside had formed Investment Banking and Trust Company PLC (IBTC) as an investment bank on February 2, 1989.
“In the early years, you had to prove yourself, you had to fight for every kind of business you could get but it was an experience you wouldn’t exchange because you learn many things on that journey,” says David-Borha.
In 2005, the Central Bank of Nigeria (CBN) announced its re-capitalization program for commercial banks. This meant that all commercial banks had to have a NGN 25 billion minimum capital base. After a series of mergers and acquisitions starting in 2005, including an effective acquisition of IBTC by South Africa’s Standard Bank Group in 2007, the company renamed itself to Stanbic IBTC Holdings in September 2007. Additionally, at the time, South Africa’s Standard Bank was looking to expand its business in Nigeria.
“It was pretty challenging having to go through the different merger transactions and the attendant integration issues,” Sola-David says of the period during which the company went through multiple M&A rounds.
Sola David-Borha says that her quick rise to the top was encouraged early on because IBTC chose to be different. “In IBTC, we actually had women in senior positions, so we were an outlier to the industry,” recalls David-Borha.
According to David-Borha, her biggest achievement was being part of a management team that grew IBTC into one of the leading financial services players in Nigeria.