Banking
Emuwa makes way for Okonkwo as Union Bank CEO
BY NICHOLAS ABE
The Board of Union Bank Nigeria Plc Monday announced the appointment of Mr Emeka Okonkwo as the bank’s new Chief Executive Officer (CEO).
Okonkwo’s appointment, subject to CBN approval, will take effect from March 31, 2021, when current CEO, Emeka Emuwa, who has led the bank for the past eight years, will finally step down, having given notice of retirement.
According to a statement by the bank, Emuwa joined Union Bank in November 2012, following a $500 million investment by Union Global Partners, with a mandate to “transform and restore one of Nigeria’s oldest institutions back to its rightful position as a respected provider of financial services.”
Extolling his time as Union Bank CEO, Emuwa said: “I have enjoyed the significant challenge of leading Union Bank over the last eight years. I am extremely proud of the management team and what we have been able to accomplish during my time as CEO. Today, we have a strong bank that is well positioned to compete and deliver on its vision to be ‘Nigeria’s most trusted and reliable partner.’ With a clear strategic direction, a growing and loyal customer base and a strong brand, this is now the natural time for the next generation of leadership to take Union Bank forward and deliver further value.
“In over three decades of banking, my time at Union Bank has been one of the richest experiences in a long and fulfilling career with a treasure of work and life lessons to carry into the future. Together as a team, we scaled many hurdles and accomplished significant feats and I would like to thank my Executive team, senior management and every one of our employees for their integrity, support and hard work that have brought Union Bank to where it is today.
“I would also like to thank the Board for the opportunity to lead this storied institution that has impacted generations of Nigerians for over a century and for supporting our efforts and vision during my tenure.
“As we begin the transition into a new era of leadership under Emeka Okonkwo, a consummate professional with the right experience and values, I know that Union Bank will continue on its path as a values driven organisation that is deeply committed to our customers and the communities we serve.”
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Union Bank’s board chairman, Beatrice Hamza Bassey, thanked the retiring CEO for leading the bank to prosperity during the last eight years and for his exceptional contribution to the transformation of the bank’s businesses that produced excellent results and set a solid platform for growth.
“Amid a tough macroeconomic environment, Union Bank maintained steady operational momentum under Emeka’s leadership which in 2020 culminated in the first dividend payment to investors and shareholders in over ten years. His many significant achievements, including providing steady stewardship during the unprecedented challenges wrought by the COVID-19 pandemic, lays a solid springboard for the future. We wish him the very best and are grateful for his support and commitment to ensure a successful transition over the next few months,” Bassey said.
On the in-coming CEO, Okonkwo, the board chairman expressed optimism, saying the bank was pleased to have him, “having been a key contributor to the achievements of the Bank over the past seven years as an Executive Director.
She said: “Emeka Okonkwo is well suited to lead Union Bank’s next phase of growth. The Board and I look forward to working with him to execute our strategy and deliver value to all stakeholders in the years ahead.”
The statement described Okonkwo as a seasoned banker with 30 years of experience. He joined the bank in 2013 as an Executive Director, Corporate Banking and Treasury. He was responsible for rebuilding the business and strategically positioning Union Bank for success in the Corporate Banking space, during the period of transformation.
Okonkwo began his career at Citibank Nigeria where he rose from officer level to become Executive Director in charge of Commercial Banking and Global Subsidiaries in 2009. At Citibank, he worked across various disciplines including Corporate Finance, Credit Risk Management, Marketing, Treasury and Strategic Management in Nigeria and London. Prior to joining Union Bank, he was the Head of the Corporate and Investment Banking Division in Citibank Bangladesh.
He holds a bachelor’s degree in Civil Engineering from the University of Nigeria, Nsukka; an MSc in Construction Management from the University of Lagos and an MBA from Warwick Business School, UK.