By Ahmed Rahma
The Managing Director of Union Bank of Nigeria Plc, Mr Emeka Emuwa, has been applauded by the board of directors for transforming the company.
Mr Emuwa joined the old generation bank in November 2012 and under eight years, he exceptionally revamped the financial institution, making it a disruptor in the banking sector in the country.
However, like the Yoruba adage that says o wuni ka j’eran pe lenu, sugbon ounfa ona’fun ni koje (which loosely means it is desirable to eat meat for long but for the oesophagus), Mr Emuwa has to go and pass the baton to another person.
In a statement on Monday, Union Bank announced that from March 31, 2021, the MD/CEO will retire from the financial institution and will also step down from the board.
He will be replaced by Mr Emeka Okonkwo, who has a similar vision for the bank and whose appointment is subject to the approval of the Central Bank Of Nigeria (CBN).
In a statement, the chairman of the board of Union Bank, Mrs Beatrice Hamza Bassey, praised the outgoing bank chief for his contribution to the company.
“On behalf of the board, I would like to thank Emeka Emuwa for leading Union Bank during the last eight years. His exceptional contribution to the transformation of the business produced excellent results and set a solid platform for growth.
“The focus over the last eight years on technology transformation, digital innovation, and development of diverse markets for our world-class range of products has seen Union Bank well-positioned to continue growing from its current position as a market disruptor.
“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,” Mrs Bassey said.
She also welcomed Mr Okonkwo, the incoming CEO with 30 years of experience, noting that, “Having been a key contributor to the achievements of the bank over the past seven years as an executive director, 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.”
Commenting on his planned exit from the lender next year, Mr 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 has 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 value-driven organisation that is deeply committed to our customers and the communities we serve.”
