Union Bank of Nigeria, UBN, Plc has announced changes to the membership of its Board of Directors with the retirement of Ibrahim Kwargana, an executive director, and the resignations of Mansur Ahmed, Onikepo Akande and Arina McDonald, non-executive directors, 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 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.”
Also commenting, Emeka Emuwa Chief Executive Officer, 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 ₦50 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.