By Akin Akinremi
Contrary to the impression in some quarters that the Group Managing Director of United Bank for Africa, Mr. Phillips Oduoza, is being forced to proceed on retirement, facts have emerged that Oduoza is giving way because he has served for two terms as GMB of the bank.
Though the Central Bank of Nigeria rule on tenure of bank chief executives provides for two terms of 10 years, the in-house rule at UBA stipulates two terms of three years each, making six years.
A source at the bank said the transition is smooth and devoid of any bias, and as such cannot breed rancour.
The Board of UBA Group had risen from a meeting on Tuesday at the Bank’s headquarters with the change of baton at the group.
The board announced the appointment of Mr. Kennedy Uzoka as the new GMD of the group.
He will succeed Oduoza who goes on retirement on July 31, 2016. He was appointed as GMD in 2010, then taking over from the then GMD, now Chairman of the Group, Mr. Tony Elumelu.
The board also announced the appointment of Mr. Victor Ozadolor as the new Deputy Managing Director of the UBA Group.
The appointments are subject to ratification by the CBN.
Elumelu had said of the new appointments: “Kennedy brings an extremely strong skill set and is ideally positioned to lead UBA in its next phase of growth. His most recent experience of managing the Group’s Interestingly important African business is particularly relevant, as we all work to build one of the leading financial franchises in Africa
“I have no doubt that both he and Victor with their expertise and depth of business experience will ensure that the bank is best positioned to deliver on its strategic ambition.”
Elumelu thanked the outgoing GMD ” for all that he has done for the bank in guiding UBA through a particularly challenging period. The board feels that the strong foundations created during Mr. Oduoza’s term provides an excellent basis for our further success.”