UPDATED: UBA Names Odozua As Tony Elumelu’s Successor

PHOTO: PHILLIPS OZOLUA, CEO DESIGNATE, UBA.

San Francisco Jan 22, (THEWILL) – The United Bank For Africa Plc (UBA) has named Mr. Phillips Odozua as its new CEO in line with the new CBN directive.

Mr. Oduoza has over 22 years experience in Banking and Financial Services spanning Banking Operations, Relationship Management, Credit/Marketing, Technology Implementation, Risk Management, Lean Banking Methods and Brand Management.

Prior to this appointment, Phillips Oduoza was the Bank’s Deputy Managing Director overseeing its operations in the South, which is the UBA Group’s largest strategic business group. He will commence as the Group Chief Executive of the Bank on August 1, 2010. In the interim, Mr. Oduoza will work in tandem with Mr. Tony Elumelu, current Group Chief Executive of UBA to ensure that the transition is seamless.

Phillip Oduoza is an accomplished scholar with a First Class Degree in Civil Engineering and an MBA (Finance) from the University of Lagos. He is also an Alumnus of the Advanced Management Programme of the Harvard Business School amongst other world-class trainings.

Speaking on his appointment, out going CEO, Mr. Tony Elumelu said, “UBA has grown to be an African financial institution in a short period of time, redefining banking not just in Nigeria, but across Africa.

“Phillips, in conjunction with the extremely strong Executive team that surrounds him, will play a determining role in delivering on the promises we have made to our customers, shareholders and staff. His appointment, from an extremely able team, is also a tribute to UBA’s longstanding commitment to nurturing talent and ensuring orderly succession planning,” he added.

Mr. Oduoza’s appointment coincides with the opening of UBA’s Zambian operations - the first Southern African business unit for the Group, emphasizing UBA’s vision of bringing world class banking services to all regions of Sub-Saharan Africa and follows its successful openings in Kenya, Uganda and Tanzania.

Commenting on his appointment, Mr. Ozolua said, “I am honoured to be called upon to fulfill the role of Group Chief Executive at this defining moment in the bank and indeed the Nigerian financial services industry. The UBA Group has a very clear strategic path, one that I was a part of the team that defined it and I look forward to playing my part in achieving those goals with determination, responsibility and hard work.”

In addition, to Mr. Oduoza’s appointment as Group Chief Executive, the following appointments to the Board were also announced: Femi Olaloku as Executive Director and Group Chief Operating Officer; Kennedy Uzoka, Executive Director - Nigeria South; and Ifeatu Onejeme, Executive Director with responsibility for Treasury, Corporate and Investment Banking and the Group’s operations outside Africa.

Other appointments include Victor Osadolor as Deputy Managing Director. He joined Standard Trust Bank in 2000 as Divisional Director, Strategy and Support, and was later appointed Executive Director in June 2002. An alumnus of Harvard Business School's Advanced Management Programme and a fellow of The Institute of Chartered Accountants of Nigeria (ICAN) Victor co-chaired the team that managed the STB-UBA integration programme and has been a key member of our senior management team since that transaction was completed. He is currently Executive Director/Group Chief Finance Officer.

All the appointments are still subject to the approval of the Central Bank of Nigeria.

With this move, UBA became the first bank to announce a successor for its CEO after a CBN term limit directive for bank CEO’s was announced this week.

The other bank chief executives affected by the directive are Mr. Jim Ovia of Zenith Bank Plc and Mr. Akinsola Akinfemiwa of Skye Bank Plc.