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UBA Group Appoints Tony O. Elumelu as Chairman

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The Board of United Bank for Africa Plc (UBA) today announced the appointment of Mr. Tony O. Elumelu, C.O.N. as Chairman, succeeding Ambassador Joe Keshi.

Mr. Elumelu is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, founded by Mr. Elumelu in 2010, which holds stakes in a number of leading African businesses, including Transcorp, Nigeria’s largest listed conglomerate by market capitalization, as well as UBA.

Elumelu retired as Group Managing Director and CEO of UBA in 2010, following the introduction by the Central Bank of Nigeria of 10-year tenure limits for bank CEOs. He had served as CEO of the UBA Group for 13 years, where he was responsible for the creation of today’s UBA, a financial services institution that built a reputation for innovation and the democratisation of banking services and now spans Africa, providing services to more than 10 million customers, across the continent and in London, Paris and New York.

Widely regarded as one of the most influential business leaders in Africa, Elumelu has developed a reputation for identifying value and bringing a long term investment orientation and discipline to sectors critical to Africa’s development, including financial services, power, oil and gas, agribusiness, real estate and hospitality. As the founder of the Tony Elumelu Foundation, an Africa-based and African-funded philanthropy, Mr. Elumelu is committed to the promotion of entrepreneurship in Africa, based on his championing of Africapitalism, the philosophy that the African private sector is the critical enabler of the continent’s economic and social transformation.

The Chairmanship of UBA will complement Mr. Elumelu’s existing positions with other Heirs Holdings’ portfolio businesses, including the Chairmanships of Tenoil Petroleum & Energy Services Limited and Seadrill Limited.

“Tony Elumelu’s track record at UBA speaks for itself,” said Mr. Phillips Oduoza, Group Managing Director/CEO UBA. “His return to the Board brings a depth of knowledge and experience in the African financial services industry that is second to none. We are privileged to have him lead the Board at this critical stage in our development.”

Analysts and leaders of shareholder groups also welcomed Mr. Elumelu’s return.

“Banking in Africa is a dynamic, exciting and an increasingly competitive and challenging industry,” said economic and financial analyst, Mr. Bismarck Rewane, Chief Executive of Financial Derivatives. “Tony is visionary, courageous and has shown an ability to both, think for the long term, and to create significant shareholder value. The drive, dynamism and competitiveness that we saw during his period as CEO of UBA, was one of the catalysts of the enormous changes in the Nigerian banking sector,” he said.

Dr. Farouk Umar, President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS) said, “We are delighted with this appointment. It bodes well for UBA and the banking industry, now and in the future. Elumelu is a transformer and value creator for shareholders. We are excited about his return.”

With operations in 19 African countries and presence in New York, London and Paris, UBA is one of the largest financial services institutions in Africa. The Bank recently unveiled its Project Alpha, a 3-year road map of key transformation initiatives, designed to consolidate the Group’s strategic positioning and fully exploit the opportunities provided by Africa’s economic renaissance and the UBA Group’s unique platform.

“I am very much looking forward to returning to the Group – UBA represents a tremendous investment opportunity, and is at an inflection point in its growth path. We have an extremely powerful executive team and I am looking forward to bringing my experience and energy, to guide UBA’s long-term strategy. Financial services remain one of the key drivers of African growth, both in terms of social inclusion and regional integration, and the UBA Group provides a unique platform to deliver both extraordinary value and drive Africa’s economic success.

“I would also like to thank my predecessor, Ambassador Keshi and the entire board for their contributions to the growth and development of the bank,” Mr. Elumelu said.

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Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]

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Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.

 

In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

 

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

 

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

 

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

 

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”

 

WATCH VIDEO HERE:

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FCMB Manager Arrested For Hoarding New Naira Notes

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A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.

 

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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage

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The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.

 

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