Union Bank of Nigeria has announced the appointment of Bayo Adeleke as board chairman alongside seven other board members. This strategic move aims to strengthen the bank's leadership and achieve its strategic objectives.
New Appointments at Union Bank
Bayo Adeleke, formerly managing director and CEO at First Bank, has been appointed as the board chairman of Union Bank of Nigeria. Alongside him, the board includes two executive directors, Kelechi Nwaoba and Taiwo Shote, and five non-executive directors: Mohammed Balarabe, Chiamaka Ezenwa, Ibrahim Oruma, Oluyinka Morgan and Eileen Shaiyen.
Management's Reaction and Comments
Union Bank’s Managing Director and Chief Executive Officer, Mrs. Yetunde Oni, pointed out that the appointments signify the bank's commitment to building a robust leadership framework. "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," she stated.
Financial Success and Future Prospects
In the first half of the year, Union Bank recorded a 58.19% increase in gross earnings to N333bn compared to N210.5bn in the same period in 2023. Profit before tax stood at N79.8bn, rising from N66.5bn in the previous year. Yetunde Oni indicated that these results reflect the impact of the bank’s financial inclusion strategy.
The new appointments at Union Bank underscore the bank’s efforts to strengthen its leadership and achieve strategic goals amid recent challenges in the country's banking sector.
