Nigeria’s Union Bank appoints Okonkwo new CEO as Emuwa steps down in March
Nigeria’s Union Bank has appointed Emeka Okonkwo, it current Executive Director to replace its outgoing chief executive officer Emeka Emuwa.
Emuwa, who has led the bank for eight years is due to retire from the bank on March 31, 2021, according to a regulatory filing by the lender on Monday with the Nigerian Stock Exchange (NSE).
Okonkwo is expected to take over as managing director of the bank subjected to the Central Bank of Nigeria (CBN) approval of his appointment.
The regulatory filing stated that Emuwa communicated his decision to retire from the Bank and his role as CEO on March 31, 2021.
Emuwa joined Union Bank in November 2012, following a $500 million investment by Union Global Partners, with a mandate to transform and restore one of Nigeria’s oldest banking institutions.
On his retirement, Emuwa will also step down from the Board of Union Bank.
In his comment, Emuwa said; “I have enjoyed the significant challenge of leading Union Bank over the last eight
“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
“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,” Emuwa stated.
Prior to joining Union Bank, Emeka Emuwa led a distinguished 25-year career at Citibank.
Following several senior roles in Nigeria and across Africa, he became the first Nigerian to be named Country Officer and Managing Director of Citibank Nigeria.
“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,” Union Bank chairman, Beatrice Hamza Bassey said.
“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.
The Board and I look forward to working with the new chief executive to execute our strategy and deliver value to all stakeholders in the years ahead, the board chair said.
Okonkwo is a seasoned banker with 30 years of experience.
He joined Union Bank in 2013 as an Executive Director to lead the Corporate Banking and Treasury business. As
the Bank embarked on its transformation, he was responsible for rebuilding the business and strategically positioning Union Bank for success in the Corporate Banking space.
Okonkwo 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
At Citibank, he worked across various disciplines including Corporate Finance, Credit Risk Management, Marketing, Treasury and Strategic Management in Nigeria and London.
Prior to joining Union Bank, he was the Head of the Corporate and Investment Banking Division in Citibank Bangladesh.