Michael Anyimah, who headed tier-1 lender Zenith Bank Plc’s trading desk, has moved to another tier-1 operator.
According to a notice sighted by Nairametrics (which is still subject to regulatory approval by the Central Bank of Nigeria), Anyimah is joining First Bank of Nigeria Limited as a Treasurer.
Michael Anyimah is a 1997 graduate of Actuarial Science from the University of Lagos. He also obtained an MBA from the same institution in 2003.
In addition, he is a CFA charter holder, as well as CFA Lead Instructor on Derivatives and Fixed Income subjects.
Stints at other banks
From July 2005 to March 2008, he was an FX trader with Citigroup Nigeria. While there, he was responsible for developing foreign exchange risk hedges for clients. In addition, he managed the bank’s foreign currency balance sheet.
Mr Anyimah joined Zenith Bank Plc in March 2008, as the Head of Foreign Exchange trading and Derivatives Sales and Trading.
His record at Zenith Bank Plc
Mr Anyimah first caught Nairametrics‘ attention when Zenith Bank Plc reported N68 billion as income from derivatives in the 2017 financial year.
The bank also recorded N80 billion as net trading income from treasury bills in the 2018 financial year.
Why is he leaving the bank?
Despite sending an email announcing his exit from Zenith Bank Plc a few months, Mr Anyimah gave no specific reasons as to why he decided to leave. However, sources familiar with the situation are suggesting his departure may have something to do with derivative trades carried out in his own personal capacity.
Big gain for First Bank of Nigeria Limited
First Bank of Nigeria Limited typically has not made large gains in either derivatives or treasury bills trading. According to results for the third quarter period ended September 2018, net gains on investment securities amounted to just N4.9 billion. Trading gains on debt securities amounted to just N3 billion.
His arrival at First Bank of Nigeria Limited could result in an uptick in trading income.