The board of Union Bank Nigeria Plc on Monday announced that its chief executive officer Emeka Emuwa has communicated his decision to retire from the bank and his role as CEO on March 31, 2021, after eight years leading the bank.
Mr Emuwa joined Union Bank in November 2012 following a $500 million investment by Union Global Partners.
With his imminent departure, the board has appointed Emeka Okonkwo, an executive director, currently leading the bank‘s corporate banking business to succeed him. The appointment is subject to the approval of the Central Bank of Nigeria.
Commenting on his retirement, 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.”
Prior to joining Union Bank, Emuwa led a 25-year career at Citibank.
On his retirement, Emuwa will also step down from the board of Union Bank.
Union Bank’s chair Beatrice Bassey thanked Emuwa for his services and wished him the best in his future endeavours.
On Okonkwo’s appointment, Bassey said: “The Board is pleased to have Emeka Okonkwo as incoming CEO. 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.”
Okonkwo joined Union Bank in 2013 as an executive director to lead the corporate banking and treasury business.
He 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.
Okonkwo has 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.