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Appointments

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.  

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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.

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

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).

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

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.

Jaiz bank

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.

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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Appointments

AVCA appoints Kofo Sanusi as new COO

The Board of Directors of the African Private Equity and Venture Capital Association has appointed Kofo Sanusi as its Chief Operating Officer.

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The Board of Directors of the African Private Equity and Venture Capital Association (AVCA) has appointed Kofo Sanusi as its Chief Operating Officer (COO).

Kofo joins AVCA from Founders Factory Africa (FFA), a venture development company investing in start-ups in sub-Saharan Africa.

As Chief Operating Officer and Accelerator Director, she was responsible for overseeing the company’s financial and operational activities, leading investments, and supporting early-stage start-ups to scale across Africa.

Abi Mustapha-Maduakor, AVCA’s CEO, said: “Kofo is the right person to support the Association as we implement the strategic vision and continue to deliver value for our members. She brings an exceptional track record of providing strategic, operational, and financial management for various businesses across Africa.

Her in-depth knowledge and experience in the early-stage ecosystem in Africa will be an asset as we look to broaden the Association’s reach across the private investment industry in Africa.”

Prior to joining FFA, Kofo was Chief Operating Officer at SPRING Accelerator, a 5-year programme that supported over 75 growth-oriented businesses across East Africa and South Asia.

Speaking of her appointment, Kofo said: “Having spent many years supporting African businesses to grow and scale their operations, it is a privilege to continue serving the continent through my role as Chief Operating Officer at AVCA.

There is no better time than now to invest in Africa, and I look forward to working with the AVCA Board, supporting the CEO, and leading the great team of people working hard to deliver on our strategic vision.”

Kofo brings over a decade of experience in strategic business and operational planning and financial management. She has worked across Africa, the Middle East and Asia, supporting businesses across a broad range of sectors.

What you need to know

The African Private Equity and Venture Capital Association is the pan-African industry body that promotes and enables private investment in Africa.

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Appointments

Airtel Nigeria announces appointment of Surendran as new Chief Executive Officer

Airtel Nigeria, has announced the appointment of Mr C. Surendran as the new MD/CEO with effect from August 1, 2021.

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Like MTN, is Airtel Nigeria considering listing?

Telecommunications giant, Airtel Nigeria, has announced the appointment of Mr C. Surendran as the new Managing Director and Chief Executive Officer with effect from August 1, 2021.

Surendran would be replacing the outgoing Managing Director and Chief Executive of Airtel Nigeria, Olusegun Ogunsanya, who has been elevated to the position of Chief Executive Officer of Airtel Africa Plc with effect from October 1, 2021.

According to a report from the News Agency of Nigeria, this disclosure is contained in a statement issued by Airtel on Wednesday, May 5, 2021, in Lagos.

READ: Airtel Africa signs new $500 million loan with Bank of America, HSBC, others

The statement says that Surendran would also be appointed to the Executive Committee (ExCo) as Regional Operating Director, reporting to the CEO of Airtel Africa plc, and onto the Board of Airtel Networks (Nigeria) Limited.

Airtel in its statement said, “Surendran has been with Bharti Airtel since 2003 and has contributed immensely in various roles across customer experience, sales and business operations.

He was the Chief Executive Officer of Karnataka, which is the largest circle in Airtel India, with over one billion dollars in revenue.

Surendran delivered an exceptional performance with significant movement in Revenue Market Share (RMS) over the last few years, currently at 54 percent. He has over 30 years of business experience, including 15 years at Xerox.’’

Hotflex

Airtel said that Surendran would transition into his new role from June 1, 2021, and spend the time onboarding into the business until July 31, 2021.

READ: Meet the latest billionaires on the Nigerian Stock Exchange

In case you missed it

It can be recalled that a few days ago, Airtel Africa Plc, a leading provider of telecommunications and mobile money services in Nigeria and 13 other countries, announced the appointment of Mr Olusegun Ogunsanya as the new Chief Executive Officer, following the notice of retirement given by the current Managing Director/Chief Executive Officer, Raghunath Mandava, to the Board.

In the notification sent by Airtel Africa to the Nigerian Exchange, Ogunsanya is expected to join the board of Airtel Africa with effect from October 1, 2021.

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