FUNKE OSIBODU RESIGNS FROM UNION BANK

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The Group Managing Director/Chief Executive Officer (CEO) of
Union Bank of Nigeria Plc, Mrs. Funke Osibodu, is to step down following a
reorganisation of the board and management of the company by the core
investors, Union Global Partners Limited, in agreement with the Asset
Management Corporation of Nigeria (AMCON).
Sources close to the Central Bank of Nigeria (CBN) revealed that Osibodu would
be replaced by Mr. Emeka Emuwa, who is currently the Managing Director of
Citibank Nigeria Limited.
Osibodu was appointed on August 14,
2009 following the intervention of the CBN in Union Bank and four
other banks that failed a stress test on their financial health.
It was gathered that she has already been told about the decision to let her go
as the CEO of the bank.

“The decision was taken by AMCON and the core investors that she has to step
down while Emuwa will take over the running of the bank. Four executive
directors that were appointed with her will also be let go, while the new CEO,
subject to regulatory approval, will come along with a new team.
“The process of recruiting new executive
directors and a chief financial officer is ongoing and should be concluded
soon,” the source said.
Although it was not clear why she is being asked to step down, sources close to
the CBN hinted that Osibodu is the only remaining managing director of the
eight that were appointed by the CBN to run the eight rescued banks in 2009.
“Leaving her to continue in office would
have created public perception issues and governance issues, especially as
Osibodu and her management were known to have wooed and brought in the core
investors that have taken over Union Bank,” the source added.

Osibodu, a graduate of Economics, has
decades of banking experience under her belt. Prior to her appointment, she was
the Managing Director of MBC International Bank and later Ecobank Nigeria Plc.
Upon resignation from Ecobank Nigeria,
she joined the board of the Ecobank Transnational Incorporated (ETI).

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