Union Bank of Nigeria Plc has appointed Bayo Adeleke as its new board chairman, alongside seven additional board members. This announcement marks a significant step in the bank’s ongoing transformation and restructuring efforts.
Experienced Leadership for Strategic Growth
Bayo Adeleke, a seasoned banking professional and former Managing Director/CEO of First Bank, brings a wealth of experience to his new role. Union Bank emphasized that Adeleke’s track record and commitment to excellence are vital to the bank’s vision of growth and transformation.
In addition to Adeleke, the board welcomes:
- Kelechi Nwaoba and Taiwo Shote as Executive Directors.
- Mohammed Balarabe, Chiamaka Ezenwa, Ibrahim Oruma, Oluyinka Morgan, and Eileen Shaiyen as Non-Executive Directors.
Statements on the Appointments
Union Bank’s Managing Director and CEO, Mrs. Yetunde Oni, expressed optimism about the appointments:
“These appointments are a testament to Union Bank’s unwavering commitment to building a robust leadership framework. The collective expertise of our newly appointed chairman, EDs, and non-executive directors will significantly contribute to our strategic goals and reinforce our position as a leader in the industry.”
The bank promised customers continued innovation and service excellence under the guidance of its strengthened leadership team.
Union Bank’s Current Challenges and Opportunities
The new appointments come during a challenging time for Union Bank. Earlier this year, the Central Bank of Nigeria (CBN) dissolved its board and initiated an investigation following the bank’s delisting from the Nigerian Stock Exchange (NGX) after 52 years.
Despite these challenges, Union Bank has demonstrated resilience:
- Recapitalization Efforts: In compliance with the CBN’s directive for increased capital bases by April 2026, Union Bank has initiated its recapitalization process to align with regulatory standards and seize emerging opportunities.
- Positive Financial Performance: The bank’s half-year 2024 results showed a 58.19% increase in gross earnings to N333bn, up from N210.5bn in the same period in 2023. Profit before tax also grew by 20% to N79.8bn.
Oni attributed these gains to the bank’s financial inclusion strategy, enhanced interest income, fees, commissions, and margin expansion.
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Union Bank’s Roadmap to Leadership
Union Bank’s management expressed confidence that the revamped board will propel the institution to reclaim its leadership position in Nigeria’s financial industry. Under Adeleke’s chairmanship, the bank is poised to strengthen its operational efficiency, expand its market presence, and drive sustainable growth.
Afreximbank and Fidelity Bank Collaboration
In a related development, Afreximbank has disbursed $40 million to support Fidelity Bank’s acquisition of Union Bank UK. This collaboration underscores Union Bank’s growing attractiveness to investors and its strategic importance in Nigeria’s financial landscape.
As the bank continues to restructure and innovate, stakeholders and customers can anticipate a stronger, more competitive Union Bank in the years ahead.