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Usman appoints as Citibank’s chairman

A former Minister of Finance, Dr. Shamsuddeen Usman, has been appointed as the Chairman of Citibank Bank Nigeria.

He is the third chairman of the bank in Nigeria since inception.

Usman has been on the Board of Citibank Nigeria as an Independent non-Executive Director since 2017.


He replaced Olayemi Cardoso, who has retired from the Board after 12 years.

Cardoso maintained high standards during his tenure – a leadership style that has been consistent over the course of a distinguished career within the Nigeria’s private, public, and not-for-profit sectors.

Cardoso expressed his gratitude to the Shareholders, Board, Management and staff of Citibank Nigeria for their dedication and support during his tenure as chairman.

“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,” he said.
Cardoso also expressed his pleasure at the appointment of Usman. According to Cardoso, “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 public and private sectors, including Banking, Management Consulting and Economics Advisory.

Managing Director/CEO of Citibank Nigeria Limited, Ireti Samuel-Ogbu, in a statement, said: “I would like to thank Mr. Cardoso for ensuring we maintained high standards as a franchise over the past 12 years”. She further expressed her delight at the appointment of Usman. “Dr Usman is a seasoned administrator whose experience in both the private and public sectors of the Nigerian economy will be instrumental in Citi’s business focus on inclusive growth and driving economic progress.”

As chairman, Usman will continue to provide oversight of the franchise’s leadership team and drive performance.

Usman expressed his gratitude to Cardoso. He said: “Mr. Cardoso’s selfless leadership has contributed significantly to the many milestones that the bank has achieved over the past 12 years.”

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

Usman is also a former Minister of National Planning and Deputy Governor, Central Bank of Nigeria (CBN). While in public service, he was responsible for many significant national initiatives, including the development of Nigeria’s long-term development strategy, Nigeria Vision 2020 and Nigeria’s Monitoring and Evaluation Framework.

Upon retirement, Usman has been involved in providing financial and management advisory services. Among the projects handled by his firm are the design of a short-medium term strategic plan for the states in Northeastern, as well as designing and implementing a comprehensive performance monitoring and evaluation system for the Lagos State Government.

He conceptualised and inaugurated the Nigeria Electricity Market Summit Group (NEMSG) that brings key stakeholders together to discuss critical issues in the electricity market.

Usman, who has a doctorate in Economics, is a Fellow and past President of the Nigerian Economic Society (NES). He is also a fellow of the Chartered Institute of Bankers of Nigeria,  Chartered Institute of Stockbrokers and Society for Corporate Governance of Nigeria.

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