UBA Group appoints new chief executive

By Standard Correspondent

United Bank for Africa (UBA), has appointed a new chief executive, in compliance with Nigeria’s Central Bank policy limiting bank chiefs’ tenures to only 10 years.

In a statement released yesterday by the bank, UBA said that Mr Phillips. Oduoza, formerly Deputy Managing Director, UBA South is the CEO- designate.

He takes over from current CEO, Mr Tony Elumelu who steps down on July 31. The appointment of Oduoza, came immediately, after Nigeria’s central bank introduced its new policy on CEO tenures in a bid to strengthen corporate governance.

UBA Kenya Managing Director, Manz Denga, said the move is unlikely to affect local operations.

Other CEOs affected by the new CBN policy include Mr Jim Ovia of Zenith Bank, Mr Akinsola Akinfemiwa of Skye Bank Plc who spent 19 and 12 years in their respective banks.

UBA also made changes to the rest of its executive board, appointing current chief finance officer Victor Osadolor as deputy managing director, Operations Director Femi Olaloku as chief operating officer, and Resources Director Kennedy Uzoka as executive director of UBA south, its biggest strategic unit.

In an earlier a press interview with This Day of Nigeria, Mr Elumelu said the appointment of the new CEO, mirrors the bank’s good corporate governance practices, amongst which is a strong succession policy.

"When you hold the financial assets of over seven million customers, running into trillions of Naira, it is incumbent on you to be prepared for just about anything," he said.