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Union Bank announces resignation of 2 executive directors, appoints new ones

Union Bank of Nigeria Plc has announced the resignation and appointment of Executive Directors.  



Union Bank reports 33% growth in PBT for FY 2019

One of the oldest financial institutions in the country, Union Bank of Nigeria Plc has announced the resignation and replacement of two of its Executive Directors.

This was disclosed by the bank in a notification signed by the company secretary, Somuyiwa Sonubi and sent to the Nigerian Stock Exchange (NSE) on Friday.

Union Bank announces resignation of 2 executive directors, appoints new ones

Mrs Lola Cardoso

In the statement, the bank also informed the shareholders and other stakeholders of the retirement of Nath Ude and Kandolo Kasongo with effect from March 31 and April 30 respectively.

In a related development, the financial institution announced the board’s approval of the appointments of Mrs Lola Cardoso and Mr Joe Mbulu as Executive Directors.


[READ MORE: Portland Paints announces new board changes)

Cardoso’s profile: She heads the bank’s retail and digital banking group has over 22 years of work experience in consulting, commercial and investment banking. She joined Union Bank as the Group Head, Strategy before stepping into other roles which include Head of Strategy and Innovation, Chief Digital Officer and Head, Retail Distribution and Channels.

Before joining Union Bank, she had worked in the United States for over 15 years as investment banker and management consultant. She worked in AT Kearney where she rose from Associate to Director of Strategy.

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She was also an Investment Banking Analyst at Salomon Smith Barney and Lehman Brothers between 1997 and 2004

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Mrs. Cardoso holds a Bachelor of Business Administration in Finance and Business Economics from the University of Ohio and an MBA from the Ross School of Business, University of Michigan, both in the USA.

Mr Mbulu’s profile: He is the Chief Financial Officer for Union Bank has 26 years of professional experience in banking, financial management and analysis, organizational and business transformation, strategy and operational consulting and project management.

Before he joined Union Bank as the Transformational Director, he was the Chief Operating Officer for the domestic bank business unit of Ecobank Transnational (ETI), where he supervised strategy formulation and execution for the banking group’s retail, SME, local corporate and public sector businesses.

He was at Bank PHB where he was the Head of Strategy and Business Transformation and also Vice President, Transformation at Nielsen, New York. He also had stints at Mckinsey & Company and Arthur Anderson (now KPMG).

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[READ ALSO: ETI announces two new appointments and changes on its board)

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Mr Mbulu, who is a Fellow of Institute of Chartered Accountants of Nigeria (ICAN), has a Bachelor of Science in Agricultural Economics (University of Benin) and an MBA, Finance and Strategy from Wharton School, University of Pennsylvania.

About Union Bank: It was established in 1917 and listed on the NSE in 1971, is one of the most respected financial institutions in the country. It has its presence in over 300 locations across Nigeria and was recapitalized in 2012 following its acquisition by new investors.

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The bank’s area of focus includes retail, commercial and corporate banking businesses.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Lekoil appoints Michael Ajuku as Chairman

Lekoil has announced the appointment of Micheal Ajukwu as the company’s Chairman.



Lekoil Limited has confirmed the appointment of Mr. Micheal Ajukwu as Chairman.

This is according to a document titled, Appointment of Chairman, posted on the company’s website.

Following the resignation of Mark Simmonds, the board at a recent EGM appointed Mr. Ajukwu as Chairman with immediate effect.

What they are saying

Michael Ajukwu stated:

“I am honoured to assume the position of Chairman of LEKOIL and would like to thank my predecessor, Mark Simmonds, for his contributions to the Company.

“I look forward to working with my colleagues on the Board and the management of LEKOIL to deliver a high performing company anchored on strong governance structures that produces value for all shareholders.”

What you should know about the company and the Chairman

  • Lekoil is listed on the London Stock Exchange (AIM: LEK). The company is an oil and gas exploration and production company with a focus on Nigeria and West Africa.
  • Metallon, a private investment company that owns four gold mines in Zimbabwe, became a shareholder of Lekoil last March and now has a 15.1 per cent stake, making it the top investor.
  • Michael Ajukwu is a graduate of the University of Lagos where he obtained a degree in Finance. He also studied for his MBA in Accounting & Finance at the New York University.
  • Mr Ajukwu has served on the Board of now-defunct Bank PHB Plc. In July 2018, he was appointed to the Board of Sterling Bank Plc as an Independent Director. He also sits on the Board of MTN Nigeria Communications Plc as an Independent Non-Executive Director.

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Buhari names Dr. Uzoma Emenike as Ambassador-designate to the USA

President Buhari has named Nigeria’s Ambassador-designate to the USA.



President Muhammadu Buhari has announced Dr. Uzoma Emenike as Nigeria’s Ambassador-designate to the USA.

This was disclosed by the Special Assistant to the President on Digital and New Media, Tolu Ogunlesi in a social media post on Tuesday evening.

Dr. Uzoma Emenike is currently  Nigeria’s Ambassador to Ireland, with concurrent accreditation to Iceland.

She hails from Abia State, with a BSc in Sociology and Anthropology from the University of Maiduguri, Masters in International Law and Diplomacy from the University of Lagos LL.B from the University of Reading in the UK.

Other academic achievements include a Master’s in International Management from the University of Reading and a Doctorate in International Relations also from the University of Reading.


She is married to Chief Ikechi Emenike and has four children.

What you should know 

  • Nairametrics reported last month, the death of the outgoing Nigerian Ambassador to the United States of America, Justice Sylvanus Adiewere Nsofor.
  • He served as a justice of the Court of Appeal for 13 years until his mandatory retirement in 2005.
  • Nsofor, who assumed office as the ambassador to the US on November 13, 2017, succeeded Professor Adebowale Adefuye who also died towards the end of his tenure.

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Buhari appoints Abubakar Nuhu Fikpo as Acting DG of National Directorate of Employment

President Buhari has appointed Abubakar Nuhu Fikpo as the Acting DG of the National Directorate of Employment.



Buhari sacks DG National Directorate of Employment, Nasiru Argungu

President Muhammadu Buhari has announced the appointment of Abubakar Nuhu Fikpo as the Acting Director-General of the National Directorate of Employment.

This was disclosed by media aide to the Presidency, Garba Shehu, in a social media statement on Monday.

He said:

  • President Muhammadu Buhari has formally conveyed to the Hon. Minister of State, Labour and Employment, Festus Keyamo, SAN, his approval of the nomination of Mallam Abubakar Nuhu Fikpo, as the Acting Director-General of the National Directorate of Employment, pending the appointment of a substantive Director-General for the Agency.
  • Last month, the President relieved the former DG of his appointment, and directed the Minister to nominate an Acting DG to superintend over the Agency, pending the appointment of a substantive DG.

What you should know 

  • The Federal Government through the National Directorate of Employment (NDE) formally kick-started the Special Public Works (SPW) programme, which was designed to create 774,000 jobs across the nation, with the inauguration of the State Selection Committees in 2020.
  • Nairametrics reported last month that President Muhammadu Buhari approved the sack of Dr Nasiru Mohammed Ladan Argungu as the Director-General of the National Directorate of Employment (NDE) with effect from December 7, 2020.
  • The Presidency did not give any specific reason for the sack.

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