Business Hilights
Tracking Nigeria's Headline Business News Online

Zenith, Union Banks’ announce new board members after CBN approval

Two leading commercial banks, Zenith Bank Plc., and Union Bank of Nigeria Plc have announced changes to the membership of their Board of Directors.

Whereas in Union Bank, the changes followed the retirement of an Executive Director, Mr. Ibrahim Kwargana and the resignations of non-executive directors, Mr. Mansur Ahmed, Dr. Onikepo Akande and Mrs. Arina McDonald in October 2017, the appointment of Dr. Temitope Fasoranti and Mr. Dennis Olisa as executive directors of the bank with effect from December 29, 2017, was consistent with Zenith Bank’s tradition and succession strategy of grooming leaders from within.

At Union Bank, Kwargana’s retirement came after 33 years in the banking sector. He was appointed an executive director in 2009 by the Central Bank of Nigeria, and until his retirement, was responsible for the bank’s public sector business and commercial business development for the Northern region.

Ahmed, Akande and McDonald resigned following the successful completion of their tenures on the board of the bank or the core investor represented.

Accordingly, Union Bank announced the appointments of Mr. Taimoor Labib as non-executive director and Mrs. Obafunke Alade-Adeyefa as well as Mrs. Furera Isma-Jumare as independent non-executive directors after an express approval from the Central bank of Nigeria (CBN).

Union Bank 22Business Hilights recalls that Union Bank came alive in 1917 and listed on the Nigerian Stock Exchange in 1971, Union Bank has over 300 branches across the country.

In late 2012, a new board of directors and executive management team were appointed to Union Bank and in 2014, the bank began executing a transformation programme to re-establish it as a respected provider of quality financial services.

Zenith Bank in a statement noted that “The Board also approved the appointment of Mustafa Bello as an independent non-executive director and the appointment was approved by the Central Bank of Nigeria on December 18, 2017”.

Additional details show that Fasoranti holds a PhD in Economics from the Obafemi Awolowo University, Ile-Ife; M.Sc. in Economics and B.Sc. in Economics from the same university.

Fasoranti, who is a member of the Nigerian Institute of Management, is also an honorary senior member of the Chartered Institute of Bankers of Nigeria.

Prior to his appointment, he was the general manager and the group zonal head in charge of Ikeja zone of the bank and overseeing branches in the Lagos Public Sector Group.

Olisa, on his part, is a Fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria and an Associate member of the Chartered Institute of Taxation of Nigeria.

Prior to his appointment, he was a general manager and chief inspector of the bank overseeing the internal audit and inspection units of the group.

The newly appointed independent non-executive director, Bello, graduated with a degree in Civil Engineering from the Ahmadu Bello University, Zaria and won the Shell prize for the best project and thesis of the Faculty of Engineering in 1978.

He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the northern Nigerian economy.

The appointments had received the nod the apex bank.