- Union Bank Announces Changes to Board
Union Bank of Nigeria Plc has announced changes to the membership of its Board of Directors with the retirement of an Executive Director, Mr. Ibrahim Kwargana and the resignations of non-executive directors, Mr. Mansur Ahmed, Dr. Onikepo Akande and Mrs. Arina McDonald in October 2017.
Kwargana’s retirement came after 33 years in the banking sector. He was appointed an executive director in 2009 by the Central Bank of Nigeria, and until his retirement, was responsible for the bank’s public sector business and commercial business development for the Northern region.
Ahmed, Akande and McDonald resigned following the successful completion of their tenures on the board of the bank or the core investor represented.
As a result, Union Bank announced the appointments of Mr. Taimoor Labib as non-executive director and Mrs. Obafunke Alade-Adeyefa as well as Mrs. Furera Isma-Jumare as independent non-executive directors.
The lender said all the appointments had been approved by the CBN.
Commenting on the reconstitution of the board, the Chairman of the bank, Mr. Cyril Odu, was quoted as saying, “I am grateful to our outgoing directors for their immense contributions during a critical time, and I am proud of the accomplishments we achieved together as we worked to transform the bank. On behalf of the board, I thank them for their service and wish them much success in their future endeavors.”
He added, “I am also pleased to welcome Mr. Taimoor Labib, Mrs. Obafunke Alade-Adeyefa and Mrs. Furera Isma Jumare who bring dynamic experience to the board which will be valuable as we work to continue to move the bank forward.”
The Chief Executive Officer, Union Bank, Mr. Emeka Emuwa, was quoted as saying, “The contributions of our outgoing directors were key to the success of our transformation programme. As we embark on a new phase of growth, we welcome our new directors who will bring fresh perspectives to our board deliberations.”
He added, “Union Bank remains on course to deliver on its key objectives in 2017. It recently completed a N50bn rights issue to raise Tier-1 capital. The capital increase supports the bank’s short to medium-term growth objectives as it looks to re-establish itself as one of Nigeria’s leading commercial banks.”
Established in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank has over 300 branches across the country.
In late 2012, a new board of directors and executive management team were appointed to Union Bank and in 2014, the bank began executing a transformation programme to re-establish it as a respected provider of quality financial services.
