Banking
Board Applauds Emuwa for Union Bank’s Exceptional Transformation
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.”
By Modupe Gbadeyanka
To strengthen Europe-Africa trade ties, Access Bank has opened a new branch in Malta. It will focus on international trade finance, employing approximately 30 people in its initial phase, with plans for controlled expansion over time.
It was learned that this Maltese branch was established by Access Bank UK Limited, the subsidiary of Access Bank Plc, which is also the subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.
Access Bank Malta Limited commenced operations after obtaining a banking licence from the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA).
Access Bank said the licence marks a transformative milestone in bolstering Europe-Africa trade flows.
Malta, a renowned international financial centre, and a gateway between the two continents, is strategically positioned to play a pivotal role in advancing commerce and fostering economic partnerships.
This strategic expansion into Malta enables The Access Bank UK Limited to leverage growing trade opportunities between Europe and Africa.
It underscores the organisation’s commitment to driving global trade, financial integration, and supporting businesses across these regions.
“By establishing operations in Malta, we will gain a foothold in a market that bridges European and North African economies, moving us one step closer to our goal of becoming Africa’s Gateway to the World.
“It further enhances our bank’s capacity to support clients with innovative solutions tailored to cross-border trade and investment opportunities,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, stated.
“Europe has emerged as Africa’s leading trading partner, driven by initiatives such as the Economic Partnership Agreements between the EU and African regions and the African Continental Free Trade Area (AfCFTA).
“With Europe-Africa economic relations entering a new phase, The Access Bank Malta Limited is ideally positioned to deepen trade and meet the financing and banking needs of our clients in these expanding markets,” the chief executive of Access Bank UK, Mr Jamie Simmonds, commented.
Also speaking, the chief executive of Access Bank Malta, Renald Theuma, said, “Malta is uniquely positioned as a bridge between Europe and Africa, making it an ideal location for our subsidiary. This move allows The Access Bank Malta Limited to engage more closely with customers in Europe and deliver tailored financial solutions that drive growth and connectivity across both continents.”
By Adedapo Adesanya
The International Finance Corporation (IFC) and Goldman Sachs have announced a new partnership with African banks, including Nigeria’s Zenith Bank and Stanbic IBTC Nigeria to support the Goldman Sachs 10,000 Women initiative, a joint programme launched in 2008 to provide access to capital and training for women entrepreneurs globally.
The two Nigerian banks are part of nine financial institutions from across Africa which have agreed to join the 10,000 Women initiative committing to leverage the business education and skills tools the programme provides to create more opportunities for women entrepreneurs across the continent by providing access to business education.
Others banks include Stanbic Bank Kenya, Ecobank Kenya, Ecobank Cote d’Ivoire, Equity Bank Group, Banco Millenium Atlantico – Angola, Baobab Group, and Orange Bank.
Speaking on this, Ms Charlotte Keenan, Managing Director at Goldman Sachs said – “10,000 Women has had a powerful impact to date, but we know that there are more women to reach and more potential to be realized.
“We are delighted to partner with IFC to supercharge the growth of women-owned businesses across Africa, and mainstream lending to female business leaders. We remain committed to supporting entrepreneurs with the access to education and capital that they need to scale.”
Since 2008, the 10,000 Women initiative has provided access to capital and business training to more than 200,000 women in 150 countries.
“This expanded initiative marks a significant step forward in creating equitable economic opportunities for women in Africa, enabling them to build stronger, more resilient businesses and to realize their entrepreneurial goals,” said Ms Nathalie Kouassi Akon, IFC’s Global Director for Gender and Economic Inclusion.
Goldman Sachs’ 10,000 Women initiative complements the Women Entrepreneurs Opportunity Facility (WEOF), launched in 2014 by Goldman Sachs and IFC as the first-of-its-kind global facility dedicated to expanding access to capital for women entrepreneurs in emerging markets.
By Aduragbemi Omiyale
In recognition of its unwavering commitment to fostering access to financing for Nigerian micro, small and medium enterprises (MSMEs), Development Bank of Nigeria Plc has been rewarded with the Financial Inclusion Leadership Award at the Champions of Inclusion Nigeria Financial Inclusion Awards.
This was at the 2024 International Financial Inclusion Conference (IFIC) organised by the Central Bank of Nigeria (CBN) in collaboration with the World Bank and other stakeholders.
The chief executive of the lender, Mr Tony Okpanachi, said the recognition affirms the company’s efforts in expanding access to financial services for MSMEs in Nigeria.
“We are honoured to receive the Financial Inclusion Leadership Award, which is a testament to our bank’s commitment to expanding access to financial services for all Nigerians. This award recognises our efforts to bridge the financial inclusion gap, particularly for a priority sector like the MSMEs.
“Additionally, this award is a validation of our strategic focus on driving financial inclusion for small businesses, and we are proud to be at the forefront of this initiative that drives that. We will continue to innovate and expand our financial inclusion programmes, ensuring that more Nigerian small and startup businesses have access to services,” he stated.
On his part, the Chief Operating Officer of DBN, Mr Bonaventure Okhaimo, said the accolade demonstrates the firm’s dedication to driving financial inclusion and economic growth in Nigeria.
“This award acknowledges our Bank’s innovative approach to widening opportunities for MSMEs in Nigeria to grow and scale their businesses,” he said.
“This award will motivate us to continue pushing the boundaries of financial inclusion, exploring more innovative solutions and partnerships to expand our reach and impact.
“We are committed to ensuring that more small businesses and startup enterprises in Nigeria have access to financial services, this award will further inspire us to accelerate our efforts in this regard,” he stated.
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