July 19, 2011 by Kunle Aderinokun
United Bank for Africa Plc (UBA) Monday announced a major restructuring, which saw the bank reorganising its operations into a holding company and made key appointments.
According to a statement from UBA, the new structure and appointments that had already been given approvals-in-principle by the bank’s Board and Central Bank of Nigeria (CBN) were aimed at strengthening its operational excellence and continental aspirations.
As it now stands, UBA has been restructured into a Financial Holding Company to be known as UBA Holdings Plc comprising UBA Plc, UBA Capital Holdings and UBA Africa Holdings as subsidiaries.
The bank said under the new structure, which was in accordance with its long-term succession plan, had moved its senior officials.
Group Managing Director, Mr. Phillips Oduoza, will run the International Bank (UBA Plc), while Mr. Victor Osadolor, a Deputy Managing Director, becomes the Managing Director of UBA Capital Holdings Limited.
Mr. Gabriel Edgal and Mr. Emeke Iweriebor have respectively been appointed the Managing Director and the Deputy Managing Director of UBA Africa Holdings Ltd.
Osadolor was prior to this appointment, in charge of the bank’s business across Southern Nigeria. He has also served as the Group Chief Financial Officer (CFO). He has a strong finance and accounting background and a deep knowledge of capital markets.
Edgal until recently was the CEO of UBA West Africa, comprising eight countries after a very successful stint as UBA Ghana CEO.
Iweriebor, the pioneer CEO UBA Cameroon was until this appointment the CEO, East, Central and Southern Africa country operations. As pioneer professionals in the Group’s expansion into Africa, they will bring their strong business and technical skills to bear in strengthening and growing the Group’s footprints across the continent.
The task of ensuring synergy, integration and coordination of the various businesses of the Group will be run from the parent Holdco – UBA Holdings Plc. Mr. Emmanuel Nnorom, the bank’s Executive Director (Finance) has therefore been appointed to UBA Holdings Plc.
With the movement of these top executives to the Holding Companies, the Group also announced some key appointments in the International Bank (UBA Plc).
The erstwhile Executive Director (Resources), Mr. Kennedy Uzoka, has been appointed Deputy Managing Director, while General Manager (North Bank). Mr. Dan Okeke, has been appointed Executive Director, all subject to CBN’s approval.
Okeke will take over from Ms Faith Tuedor-Matthews who has resigned from the services of the bank to pursue other personal endeavours.
Prior to her resignation, Tuedor-Mathews was the Deputy Managing Director covering the bank’s operations in Abuja.
“All the appointments reflect the personal strengths of the appointees as well as the deep talent pool of the group and a further confirmation of the well-established succession plan in the group” said Oduoza.
UBA Plc is the commercial bank with international authorisations and will comprise the banking operations in Nigeria (UBA Plc) and New York, and UBA Pensions Ltd. It will be regulated by the CBN as an International Commercial Bank and remain listed on the Nigerian Stock Exchange (NSE).
All of the Group’s banking operations/subsidiaries outside Nigeria and across Africa (currently 18 countries) will now be held under UBA Africa Holdings Limited. This company will also be regulated by the CBN.
UBA Capital Holdings Limited will comprise all the Group’s non-banking businesses, and be regulated by the Securities and Exchange Commission (SEC), and other regulators. These businesses include UBA Trustees, UBA Asset Management, UBA Insurance Brokers, UBA Capital Africa, and UBA Capital Europe (London).
In line with CBN’s directive that banks can no longer own Registrar and Property businesses, the Group will divest its interest in UBA Registrars Limited and UBA Properties Limited.