UBA Assures Stakeholders

Following the recent Central Bank of Nigeria (CBN) guidelines in relation to the tenure of CEOs of Nigerian banks, which affected the position of Tony Elumelu, CEO of the bank; the United Bank for Africa (UBA) has assured its stakeholders that the bank is well positioned to meet the requirements of the new guidelines.

The new guidelines limit the tenure of Chief Executive Officers of banks to a maximum of 10 years inclusive of the years served in a pre-merger component bank. All CEOs of banks who would have served for 10 years by July 31, 2010 are required to handover to their successors by August 01, 2010.

By the new guidelines, the positions of the CEOs of some banks including that of United Bank for Africa Plc (UBA) will be affected.

In a statement made by the Board of Directors of the bank, the bank said the implementation of the new guidelines will not alter its vision and plan as the bank is well positioned to meet the requirements of the new guidelines.

“UBA has for a considerable period of time put strong emphasis on ensuring that it nurtures a deep pool of senior management talent, largely developed internally and complemented by selective recruitments from global institutions, capable of guiding the bank,” adding that “the bank has in place robust business continuity and succession plans.”

“The Board wishes to thank all customers, investors and stakeholders of UBA for their support and shall continue to serve them in a manner that delivers consistent value to all stakeholders of the bank.”

The statement said “We will update our stakeholders in due course on developments in relation to this announcement.”