Banking

Bringing fresh perspective to Union Bank’s new phase of growth

by Editor

January 3, 2018 | 12:31 am
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As Union Bank embarks on new phase of growth, it is hopeful that its new directors will bring fresh perspectives to its board deliberations that will result to achieving its growth plans.

The bank recently announced changes to the membership of its board of directors with the retirement of an executive director, Ibrahim Kwargana and the resignations of non-executive directors, Mansur Ahmed, Onikepo Akande and Arina McDonald in October 2017.

Kwargana’s retirement comes after 33 years in the banking sector. He was appointed as an executive director in 2009 by the Central Bank of Nigeria (CBN), and until his retirement, was responsible for the Bank’s Public Sector business as well as 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.

Union Bank has also announced the appointments of Taimoor Labib as non-executive director as well as Obafunke Alade-Adeyefa and Furera Isma Jumare as Independent non-executive directors. All the appointments have been approved by the CBN.

Commenting on the reconstitution of the Board, Cyril Odu, chairman of the board of directors said: “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.

“I am also pleased to welcome Taimoor Labib, Obafunke Alade-Adeyefa and Furera Isma Jumare who bring dynamic experience to the board which will be valuable as we work to continue to move the bank forward.”

Also commenting, Chief Executive Officer, Emeka Emuwa said: “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.”

Union Bank remains on course to deliver on its key objectives in 2017. It recently completed a N50 billion 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.

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by Editor

January 3, 2018 | 12:31 am
  |     |     |   Start Conversation

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