The United Bank for Africa (UBA) Plc has made significant changes to its Board of Directors with the announcement of Mr. Chukwuma Nweke as the new Deputy Managing Director, effective October 1, 2024.
The announcement was made through a statement signed by Bili Odum, the bank’s Secretary and Legal Counsel, on the Nigerian Exchange (NGX).
The bank’s statement clarified that the appointment of Mr. Nweke is pending regulatory approval from the Central Bank of Nigeria (CBN).
Mr. Nweke’s appointment marks a notable shift in the leadership structure of UBA, reflecting the bank’s ongoing commitment to strong governance and strategic growth.
Mr. Nweke is highly qualified for the role, holding a bachelor’s degree in Accountancy and an MBA from the University of Nigeria, Nsukka.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and an honorary member of the Chartered Institute of Bankers of Nigeria.
With over 30 years of experience in various sectors including banking operations, finance, technology, audit, strategy, retail banking, and payments, Mr. Nweke brings a wealth of expertise to the role.
Prior to this appointment, he served as the Executive Director and Group Chief Operating Officer of UBA.
His extensive background in these areas positions him well to contribute to UBA’s strategic objectives and ongoing success.
UBA’s Chairman, Mr. Tony Elumelu, praised Mr. Nweke’s appointment, emphasizing his deep industry experience and proven track record.
In a statement, Mr. Elumelu said, “The appointment of Chukwuma Nweke underlines once again, UBA’s commitment to upholding the highest governance and operational leadership. His deep industry expertise and proven track record make him an invaluable asset to our Board, and we are confident that his contributions will further strengthen the Group’s growth and success.”
Mr. Elumelu’s endorsement highlights the bank’s confidence in Mr. Nweke’s ability to drive future successes.
In addition to the new appointment, UBA also announced the retirement of Dr. Kayode Fasola, a Non-Executive Director who has served the board since August 2018.
Dr. Fasola, who played a key role during his tenure, was notably the Chairman of the Finance & General Purpose Committee and contributed significantly as a member of the Board Audit & Governance, Credit, and Statutory Audit Committees.
The bank expressed its gratitude to Dr. Fasola for his exemplary leadership and valuable contributions.
UBA’s statement read, “We express our profound gratitude to Dr. Fasola for his dedication and significant contributions to the Group. We wish him success in his future endeavors.”
The appointment of Mr. Nweke and the retirement of Dr. Fasola represent a significant shift in UBA’s leadership dynamics.
Mr. Nweke’s extensive experience and previous roles within the bank are expected to bring a fresh perspective and enhanced strategic direction to UBA.
His appointment aligns with UBA’s commitment to maintaining high standards of governance and operational excellence.
The retirement of Dr. Fasola marks the end of a notable tenure that saw significant contributions to the bank’s governance and oversight functions.
As UBA prepares for this transition, the focus will likely be on ensuring a smooth handover and leveraging Mr. Nweke’s expertise to drive future growth.
The regulatory approval from the CBN will be a crucial step in finalizing Mr. Nweke’s appointment.
Stakeholders within the banking sector will be keenly watching how these changes impact UBA’s strategic direction and performance in the coming years.
UBA, one of Africa’s leading banks, has a history of dynamic leadership and strategic growth.
The recent changes are part of a broader strategy to adapt to evolving market conditions and enhance the bank’s competitive edge.
The appointment of a new Deputy Managing Director comes at a time when the bank is focusing on expanding its operations and strengthening its market position.
