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Union Bank of Nigeria Plc Marina Lagos

Business Directory » Banking / Finance » Banks


Union Bank of Nigeria Plc was established in 1917 as Colonial Bank with its first branch in Lagos. In 1925, Barclays Bank acquired the Colonial Bank, which resulted in the change of the Bank's name to Barclays Bank (Dominion, Colonial and Overseas). Following the enactment of the Companies Act 1968 and the legal requirement for all foreign subsidiaries to be incorporated locally, Barclays Bank (D C O) in 1969 was incorporated as Barclays Bank of Nigeria Limited. The ownership structure of Barclays Bank remained un-changed until 1971 when 8.33% of the Bank’s shares were offered to Nigerians. In the same year, the Bank was listed on the Nigerian Stock Exchange. As a result of the Nigeria Enterprises Promotion Act of 1972, the Federal Government of Nigeria acquired 51.67% of the Bank’s shares, which left Barclays Bank Plc, London with only 40%. By the enactment of the 1972 and 1977 Nigeria Enterprises Promotion Acts, Barclays Bank International disposed its shareholding to Nigerians in 1979. To reflect the new ownership structure and in compliance with the Companies and Allied Matters Act of 1990, it assumed the name Union Bank of Nigeria Plc.

In consonance with the government's programme of privatisation and commercialisation of public enterprises, the Federal Government in 1993 sold its shares in Union Bank to private individuals. Thus,Union Bank became fully owned by Nigerian citizens and organisations.

In line with the Central Bank of Nigeria's banking sector consolidation policy, Union Bank of Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd and absorbed its erstwhile subsidiary Union Merchant Bank Ltd. The Bank also increased its shareholders' funds through a Public Offer/Rights Issue in the last quarter of 2005.

The Bank has 379 branches across the country, all of which are on-line real time. As at December 31, 2010 the bank's gross earnings was N113.961 billion; profit after tax was N118.016 billion and total assets was N845.231 billion.


The Bank's management team is headed by Emeka Emuwa as the Group Managing Director/Chief Executive. Other Executive Management team members are :
Adekunle M. Adeosun - Commercial/Retail Banking (south) & Consumer Banking
Philip Ikeazor - Corporate, International/Investment banking & Treasury
Ibrahim A. Kwargana - Commercial/Retail banking (North) & Public Sector
Mrs.Oyinkan Adewale - Chief Financial Official


Union Bank Group operates an interlocking organisational structure whereby some board members of Union Bank of Nigeria Plc act as external directors in the subsidiaries and associated companies. This arrangement ensures effective oversight and participation in the decision-making process of these companies, thereby safeguarding the Bank’s investments. The Bank's subsidiaries and associated companies are listed below.



Dick Kramer, Chairman

Dick Kramer is the Chairman of ACA, which has pioneered the management of private equity investments in high potential sectors of the Nigerian economy. He came to Nigeria 34 years ago to launch Arthur Andersen & Company as Managing Partner, following similar roles in Brussels and Buenos Aires. He trained in Accountancy and earned an MBA from Harvard Business School before joining Arthur Andersen in 1958, where he worked in all areas of the firm’s practice and in the US, Latin America, Middle East, Europe, India and Africa. Following his retirement in 1994, Mr. Kramer continued in Nigeria to consult, invest and continue community service activities. He helped to found the Nigeria Economic Summit Group (NESG), where he served as pioneer Vice-Chairman; the Harvard Business School Association of Nigeria (HBSAN), where he served as President; the Lagos Business School, where he is a member of the Advisory Board and Faculty; and more recently, the American Business Council. He has served as Head of the Technical Team and Member of Vision 2010. He remains active in several other chambers, associations, professional bodies and non-profit organizations. He has been honoured with many prestigious awards, including the national merit award of Officer of the Order of the Federal Republic (OFR); the Zik Prize in Leadership; and Institute of Directors award for Entrepreneurship.

Emeka Emuwa, Group Managing Director/Chief Executive

Emeka Emuwa is the Group Managing Director and Chief Executive Officer. He joins Union Bank Nigeria PLC after 25 years with Citigroup. He began his banking career in 1986 as a Management Associate with Citibank Nigeria Limited and eventually rose through the ranks to become its first Nigerian Managing Director and Chief Executive Officer. During his career with Citi, Mr. Emuwa held various senior positions within and outside Nigeria including assignments as Country Officer and Country head in Cameroon where he had regional responsibility for the bank’s Central African businesses in Gabon and Congo. He was also Country Officer for Citi in Tanzania, Ghana and Niger. Prior to his external and regional roles, Mr. Emuwa held several operational and client facing roles in Nigeria. He was appointed Country Officer and Managing Director in 2005 and held the position until his departure in 2012. Mr. Emuwa is a graduate of Finance from the University of Lagos and holds an MSc. in Management from Purdue University’s Krannert School of Management. He is Chairman of the Nigeria-Portugal Friendship and Business Association and was until recently a director of the American Business Council, Accion Microfinance Bank Nigeria and former Chairman of Junior Achievement Nigeria.


Adekunle M. Adeosun, Executive Director


Mr Adekunle Adeosun holds a Bachelor of Business Administration in Public Accounting from Baruch College, New York and a Master of Business Administration from Pace University, New York. He also attended the prestigious Ivy League school, Columbia University in New York, where he studied Software Development.


Mr Adeosun is an international professional banker with over 21 years cognate experience. He was a Director, Group Treasury Sales with United Bank for Africa PLC (UBA). He was, at various times, Divisional Head, Corporate Banking, UBA (2007-2009) and Regional Director, Lagos (2006-2007). He had responsibility for business development in Manufacturing, Telecommunications and Retail Banking between 2003 and 2005. Hitherto, Mr Adeosun garnered considerable experience working for Ecobank Nigeria Ltd as Divisional Head, Commercial Banking Group, Branch Coordination and Wholesale Banking Group.


Mr. Adeosun played a top management restructuring role in the then National Bank of Nigeria as General Manager, Performance Management, Information Technology and Operations; Group Head, Commercial / Consumer and Private Banking (2000-2003). Prior to joining National Bank, he had banking exposure in the United States of America (USA) working for Bankers Trust Company, New York as Vice President, Global Assets (1994-1999); Assistant Treasurer (1990-1994) and Supervisor, Asset-Based Lending (1988-1990).


Mr Adeosun is in charge of Commercial and Retail Banking-South and Consumer Banking.


Mrs. Oyinkan Adewale, Executive Director/Chief Financial Officer


Mrs. Oyinkan Adewale, after obtaining a degree in French from the University of Ibadan in 1979, Oyinkan Adewale trained with Coopers & Lybrand (now part of PriceWaterhouseCoopers) and qualified as a Chartered Accountant, ACA, in May 1984. She has been a Fellow of the Institute of Chartered Accountants of Nigeria for almost 30 years. She joined Nigeria International Bank / Citigroup in 1989 as Deputy Financial Controller and rose to the position of Citigroup Chief Financial Officer for the West African Cluster, with responsibility for 7 countries (Cote d’Ivoire, Senegal, Cameroon, Gabon, Congo, Ghana and Nigeria). She was appointed to the Board of Directors as an Executive Director in February 1998. In 2004, Mrs. Adewale co-founded SIAO, a leading indigenous accounting firm. From April 2006 to March 2007, Mrs. Adewale was jointly engaged by First Bank Nigeria Plc and Ecobank Transnational Incorporated, the two banking giants, as Business Combination Manager for the (now aborted) FBN/ETI merger. Mrs. Adewale joined Renaissance Group in April 2007 as pioneer Managing Director, Chief Operating Officer for Africa. She was Executive Secretary to Renaissance’s Africa Advisory Board and a member of its Africa Management Board. In August 2009, after the Central Bank of Nigeria intervened in the affairs of Oceanic Bank International Plc, she was appointed the bank’s Executive Director / CFO, with responsibility for all the bank’s 13 subsidiaries, the Risk Management Group, Finance Group and Strategic Planning. In January 2012, after the acquisition of Oceanic Bank by Ecobank Transnational Inc (ETI), Mrs. Adewale joined ETI as Integration Manager for the merger of Oceanic Bank with Ecobank Nigeria; a position she combined with the role of ETI’s Group MIS Implementation Head.Towards the end of October 2012, she joined Union Bank of Nigeria PLc as Executive Director/ Chief Financial Officer. For 6 years until mid-2010, she was a member of the Board of Management and Hon Treasurer, St Saviour’s School, Ikoyi, Lagos, Nigeria’s premier elite private British school. Mrs Adewale was educated at St Mary’s Private School, Lagos, Holy Child College,


Philip Ikeazor, Executive Director


Mr Philip Ikeazor is a Chartered Accountant and graduate of Economics, University of Buckingham, England. He has attended a series of relevant overseas courses and served on various management committees of banks. Mr Ikeazor is a professional banker with over 22 years cognate experience (largely in corporate and investment banking). He was a Director, Wholesale Banking with United Bank for Africa (UBA). He started his banking career in 1990 working for Nigerian American Merchant Bank, then affiliated to Bank of Boston, MA, USA where he trained as a loan officer (1990-1996) and also worked at Merchant Banking Corporation (MBC), then affiliated to Bank Paribas (1996-2003).


Mr. Ikeazor had handled commercial and offshore banking assignments in Ecobank Nig. Ltd. He was the pioneer Managing Director/Chief Executive of Ecobank Kenya Limited, a medium- sized commercial bank in Kenya affiliated to the Ecobank Group, between may 2008 and February 2009.


Mr Ikeazor is in charge of Corporate and International/Investment Banking and Treasury.


Ibrahim Abubakar Kwargana, Executive Director


Mr Ibrahim Abubakar Kwargana holds Master Degree in Corporate Governance, Leeds Metropolitan University, Leeds and Second Class Upper Division, Political Sciences, Bayero University, Kano. He has attended various local and international banking courses in Oxford, Hong Kong, Cambridge and Warsaw.


He is a consummate banker with over 28 years working experience out of which 23 years are in banking. His areas of expertise include personnel administration and industrial relations, internal audit, banking operations, marketing and consumer relationship management. He has been Deputy General Manager and the Chief Auditor, (2006-2007), all at First Bank of Nigeria PLC and later, General Manager, Operations and Resources, FBN (Merchant Bankers) Limited, (2004-2005). He also worked for Nigerian International Bank Limited, a subsidiary of Citigroup between 1993 and 2004, holding strategic positions including Deputy General Manager and Head, Branch Operations.


He has responsibility for the Bank’s Commercial and Retail Banking – North and Public Sector Business.

Dr. Yemi Osindero , Non-Executive Director

Dr. Yemi Osindero is a dynamic and inspiring business leader, with several years of experience in international investment banking, foreign direct investment and venture capital, coupled with emerging market operational and business development experience. He is currently the Head of West Africa Private Equity, Standard Chartered Private Equity. Prior to this, co-founded Virgin Nigeria Airways in 2005 and was Chief Operating Officer and member of its Board of Directors. Before that, he was an Investment Manager with Virgin Management, the holding company of Sir Richard Branson, where he was responsible for financial advisory, M&A initiatives, strategy and new business initiatives for various existing Virgin Group companies globally, and the investment evaluation of numerous new ventures to extend the Virgin brand. He was previously an M&A and Corporate Finance Investment Banker with Hawkpoint Partners Limited and started his career with Goldman Sachs in the UK. He holds a B.Eng. (First Class Honours) in Chemical and Bioprocess Engineering from University of Bath, UK; and a Ph.D in Chemical Engineering from the same university. He has played a number of leadership roles, including chairing the Board of Airline Representatives (BAR) in Nigeria and the Presidential Committee on Ticket Pricing. He is a Member, Nigeria Leadership Initiative; Member, Institute of Directors and is on the Advisory Board, “Top 30 Under 30” and The Future Awards, among others .

Dickie Agumba Ulu , Non-Executive Director



Dickie Agumba Ulu is a management expert with over 30 years of professional/industrial experience, and is currently the Development Consultant to Global Utilities Management Company. He trained in Marketing/Insurance; Risk Management; Human Resource Management and Organisational Designs; and earned a HND (Business Administration) from Farnborough College, Farnborough, Hants, UK; Diploma, Chartered Institute of Marketing, UK; Advanced Certificate (Human Resource Management) from London School of Economics, London; as well as post-graduate Marketing Management (Strategic Planning & Control for Crisis Management) from University of Greenwich, Business School, West Mailing, Kent, London, UK. He was General Manager, UK, Nigeria Reinsurance Corporation, London; Managing Partner at DKU Associates, London; and Special Assistant to the Presidential Adviser on National Orientation and Public Affairs, among others. He had also undertaken many national assignments, including Member, Presidential Initiative on National Rebirth Campaign; Zonal Leader (North-West, South-South & South-East), Presidential Forum on Stewardship, Accountability and Youth Development; Chairman, Presidential Review Committee on Streamlining the Functions of Nigerian Film Corporation and the National Films & Video Censors Board; and Chairman, Sub-Committee “A”, Presidential Committee on the Restructuring of National Orientation Agency. He is a member of professional and leisure associations.

Chief Dr. (Mrs.) Akande (OON) , Non-Executive Director

Chief Dr. (Mrs.) Akande (OON), attended Queen's School, Ede from 1958 to 1962 for her secondary education. She was at the University Tutorial College London, where she completed her 'A' level in 1964 and subsequently attended University of North London (formerly North Western Polytechnic London) from 1965 to 1968 where she studied Accountancy. She completed her postgraduate programme at the prestigious Harvard Business School, Boston, USA. Chief Mrs. Akande also attended management courses at both Oxford University, United Kingdom, and Institute for Management Development in Lausanne, Switzerland.


She was the first woman honourable minister of industry in the Federal Government of Nigeria in December, 1997. At various times, Chief Mrs. Akande was a director of both the National Insurance Corporation of Nigeria, (NICON), and Nigeria Industrial Development Bank (NIDB),now Nigeria Bank of Industry. In 2003, the prestigious national honour of Officer of the Order of the Niger (OON) was bestowed on her in recognition of her outstanding virtues and services to the country. 


Chief ((Mrs.) Akande is an accomplished Management and Business Consultant as well as a successful industrialist and seasoned administrator and Accountant by training. She was appointed to the Board of Union Bank in April, 2008.   

Engineer Mansur Ahmed , Non-Executive Director

He holds a first degree in Mechanical Engineering from Nottigham University and a Masters degree in Industrial Engineering and Administration from Cranfield University. He also holds a postgraduate certificate in Investment Appraisal and Management of the Harvard Institute of International Development.


He started his working career as a Research Assistant with Epsom Research Laboratories, UK and later returned to Nigeria where he joined the Ahmadu Bello University as an Assistant Lecturer in the Department of Mechanical Engineering. He has worked in the Manufacturing industry in companies such as Dunlop Nigeria Industries Limited, Bgauda and Kaduna Textiles Limited. He is currently the Director General of the Nigeria Economic Summit Group (NESG). He joined the Board of the Bank as Non- Executive Director in October 2007.











Phone 234-1-2630361, 2631430
Address 36, Marina P.M.B 2027 Lagos, Nigeria
Fax 234-1-2669873, 2644306


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