SET FOR BETTER PERFORMANCE

After a successful recapitalisation of Union Bank of Nigeria, its board of directors has been reorganised to enhance the core values of the reputable financial institution and move it to the next level

The management of Union Bank Nigeria, UBN, has taken some decisive steps that will redefine the future of the rejuvenated financial institution. Soon after the successful recapitalisation of the bank, a process that saw the injection of $500 million capital and the completion of all the processes required by the regulatory authorities, a new board of directors was swiftly appointed after all the non-executive directors of the bank retired from the board on December 31, 2011.

The new directors who were appointed at a meeting of the board held at the bank’s head office in Lagos recently are: Dick Kramer, chairman, African Capital Alliance, ACA, who was appointed the chairman of the board; Yemi Osindero, head, West Africa Private Equity, Standard Chartered Private Equity; and Dickie Ulu, development consultant to Global Utilities Management Company. Kramer and Osindero are both from institutions that are shareholders of Union Global Partners Limited. ACA pioneered the management of private equity investments in high potential sectors of the Nigerian economy.

At the last board meeting of the bank in 2011, at which all non-executive directors retired, two directors were reappointed to join the new board and commence a new term. The reappointed directors are Mansur Ahmed, director-general, chief executive officer, DG/CEO, Infrastructure Concession Regulatory Commission, ICRC, and Nike Akande, former minister of industry and president of the Harvard Business School Alumni Association of Nigeria.

Meanwhile, the executive management of UBN led by Funke Osibodu, as the group managing director, chief executive, continues to pursue full repositioning of the bank. The executive directors are: Adekunle Adeosun, Philip Ikeazor, Ibrahim Kwargana and Folashodun Shonubi.

By Portia: this article can also be found in TELL magazine