UNION BANK: OSIBODU TO HAND OVER IN OCTOBER

Union Bank: Osibodu to hand over in October
July 23, 2012 by Ademola Alawiye

Managing Director, Union Bank Nigeria Plc, Mrs. Funke Osibodu

The Managing Director, Union Bank of Nigeria Plc, Mrs. Funke Osibodu, will hand over to a new managing director in October this year, thereafter proceeding on terminal leave till the end of the year.

Sources close to the board of the bank told our correspondent on Sunday that the Union Bank boss might be appointed as a non-executive director after her exit as managing director.

The source, who preferred not to be mentioned, told our correspondent that, ?Osibodu will be exiting towards the end of this year, after slightly over three years.

She will hand over in three months time to a new managing director, prior to her proceeding on leave to the end of the year. The new MD is to lead the remaining transformation agenda of the institution. This is however, subject to submitting same for regulatory approval.?

Report had earlier tipped the Managing Director, CitiBank Nigeria Limited, Mr. Emeka Emuwa, as her successor.

Union Bank had recently inaugurated a new board following the injection of $500m capital by new investors and the completion of all processes required by the Central Bank of Nigeria.

A statement by the bank had stated that all the non-executive directors of the bank had retired from the Board with effect from December 31, 2011, in line with the bank?s recapitalisation plan.

In a bid to recapitalise the bank, the Asset Management Corporation of Nigeria and Union Global Partners injected fresh funds into the bank. A rights issue was done late last year to raise additional capital from the bank?s existing shareholders to further beef up its share capital.

However, the offer was undersubscribed, having recorded only a 15.5 per cent subscription.

The rights issue was expected to increase the holding of existing shareholders to 21 per cent and reduce that of Union Global and AMCON to 60 per cent and 19 per cent respectively.

But Union Global, last month, increased its stake in the bank by acquiring part of shares of AMCON. The transaction, executed on the floors of the Nigerian Stock Exchange, saw 4.325 billion shares of the bank, representing about 25.5 per cent of its paid-up capital, exchange ownership for N15.832bn.

Source: http://www.nigerianbestforum.com/generaltopics/?p=124835

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