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Mbulu Succeeds Adewale as Union Bank’s CFO

By Dipo Olowookere

A new Chief Financial Officer (CFO) has been appointed for Union Bank of Nigeria Plc after the retirement of Mrs Oyinkansade Adewale.

The new occupier of the seat is Mr Joseph Mbulu, who was before now the Transformation Director and Finance Business Manager (Deputy CFO) of the financial institution.

A statement issued by the lender disclosed that the retirement of Mrs Adewale, which took effect from September 30, 2018, was ratified by the board at its meeting held on September 25, 2018.

Mrs Adewale retired from the position after six years, having joined the Union Bank in 2012 shortly after its recapitalization by new investors.

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It was disclosed that the appointment of Mr Mbulu took effect from October 1, 2018 and is subject to the approval of the Central Bank of Nigeria (CBN).

Mr Mbulu joined Union Bank in August 2014 as the Transformation Director, a key part of a new leadership team, to direct and lead the transformation of the company into a “Simpler & Smarter Bank”; into a leading and respected provider of quality banking services in Nigeria.

A profile of him indicated that he has over 25 years’ professional experience with world-class competences in financial management & analysis, organizational & business transformation, strategy/operational consulting and project/program management in the financial services, information, pharmaceutical, manufacturing and media industries.

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Before joining Union Bank, Mr Mbulu was the Chief Operating Officer for the Domestic Bank business unit of Ecobank Transnational (ETI), the leading Pan-African Bank where he coordinated strategy formulation and execution for the banking group’s retail, SME, local corporate and public-sector businesses.

He has worked and provided consulting services in six continents and worked for leading organizations such as McKinsey & Company, Arthur Andersen (now KPMG Nigeria) & Nielsen, the leading global media and marketing information provider.

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Before ETI, Mr Mbulu was the Head of Strategy & Business Transformation at Bank PHB (now Keystone Bank). Before then, he was the Vice President responsible for Transformation in the global Finance Organization at Nielsen in New York.

Mr Mbulu has an MBA (Finance & Strategy) from The Wharton School, University of Pennsylvania, an MSc Budget & Planning (Lincoln University, PA, USA) and a B. Sc. Agricultural Economics (University of Benin, Benin City, Nigeria).

He is a CPA (USA) and award-winning Fellow of the Institute of Chartered Accountants of Nigeria (ICAN); He is also a certified six-sigma practitioner.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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