Stanbic IBTC Holdings Chairman Basil Omiyi Retires

Stanbic IBTC Holdings Chairman Basil Omiyi Retires.

Mr. Basil Omiyi has officially retired as Chairman of Stanbic IBTC Holdings, following a distinguished seven-year tenure at the group’s helm. His departure marks the end of an era characterized by strategic leadership and notable achievements within the organization.

A Legacy of Leadership

Mr. Omiyi’s journey with Stanbic IBTC began in March 2015 when he assumed the role of Non-Executive Director. His exemplary performance and strategic acumen paved the way for his elevation to the position of Chairman on May 15, 2017, succeeding the esteemed Atedo Peterside. Throughout his tenure, Mr. Omiyi steered the group with unwavering dedication and foresight, leaving an indelible mark on the organization.

Transition and Acknowledgments

As Mr. Omiyi bids farewell to his role, the group has initiated the process of appointing a new Board Chairman, with the official announcement slated for a future date pending regulatory approvals. In a press release, the Board of Directors extended their heartfelt appreciation to Mr. Omiyi for his exceptional leadership, service, and invaluable contributions to the Stanbic IBTC Group. They conveyed their best wishes for his future endeavors, recognizing his pivotal role in shaping the group’s trajectory.

Omiyi’s Stature in the Corporate Arena

Mr. Omiyi’s retirement from Stanbic’s board comes on the heels of his recent exit as the Non-Executive Chairman of Seplat Energy Plc in March 2024. His tenure at Seplat, where he assumed the Chairmanship in May 2022, was marked by significant corporate developments. Notably, his successor at Seplat, Udoma Udo Udoma, a distinguished figure in Nigeria’s economic landscape, took over the reins following Mr. Omiyi’s departure.

Impact and Achievements

During his tenure as Chairman of Stanbic IBTC, Mr. Omiyi spearheaded a period of remarkable growth and financial success for the group. Under his stewardship, the group’s net income surged by an impressive 190.5%, soaring from N48.4 billion in FY 2017 to N140.6 billion in FY 2023. Moreover, the group’s gross earnings witnessed a substantial increase of 117% over the seven-year period, climbing from N212.4 billion in 2017 to N461.1 billion in 2023, reflecting an average annual growth rate of 16.7%.

In his final year as Chairman, Mr. Omiyi oversaw the launch of Zest Payments, the group’s fintech arm, which introduced innovative e-commerce and Buy-Now-Pay-Later (BNPL) services, further diversifying the group’s offerings and enhancing its market position.

A Storied Career

Prior to his tenure as Chairman of Stanbic IBTC, Mr. Omiyi amassed a wealth of experience during his tenure at Royal Dutch Shell, where he held several key positions in Nigeria and Europe. His illustrious career at Shell included roles such as Head of Production Technology, Chief Petroleum Engineer, Managing Director of Shell Petroleum Development Company of Nigeria Limited, and ultimately, Country Chairman of Shell Nigeria.

Currently, Mr. Omiyi continues to serve as the Chairman of Greenacres Energy Limited, further contributing his expertise to the energy sector. His involvement as the Chairman of the Nigerian Upstream Industry Group and as a board member of prominent organizations such as the Nigerian Business Group of the New Partnership for Africa’s Development (NEPAD) and the Nigerian Extractive Industry Transparency Initiative (NEITI) underscores his enduring commitment to driving progress and excellence within the industry.

As Mr. Omiyi embarks on a new chapter post-retirement, his legacy of leadership, innovation, and strategic foresight will continue to resonate within the corporate sphere, serving as a testament to his enduring impact and influence on the organizations he has been a part of.

Stay tuned for updates on the appointment of the new Board Chairman at Stanbic IBTC Holdings as the organization charts its course into the future, building upon the strong foundation laid by Mr. Basil Omiyi.

In conclusion, Mr. Basil Omiyi’s retirement as Chairman of Stanbic IBTC Holdings marks the end of a distinguished chapter in his illustrious career, characterized by transformative leadership and notable achievements. His contributions to the organization and the broader corporate landscape stand as a testament to his visionary leadership and unwavering commitment to excellence.