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Media Centre - Press Releases
Wednesday January 20, 2010
Statement of the Board of UBA Plc
By the new guidelines, the positions of the CEOs of some banks including that of United Bank for Africa Plc [UBA] will be affected.
The Board of Directors of UBA has met and hereby assures all stakeholders that:
The Board wishes to thank all customers, investors and stakeholders of UBA for their support and shall continue to serve them in a manner that delivers consistent value to all stakeholders of the bank.
We will update our stakeholders in due course on developments in relation to this announcement.
Board of Directors
January 20, 2010
Statement of the Board of UBA Plc
The Central Bank of Nigeria yesterday issued new guidelines in relation to the tenure of CEOs of Nigerian Banks. The new guidelines limit the tenure of Chief Executive Officers of banks to a maximum of 10 years inclusive of the years served in a pre-merger component bank. All CEOs of banks who would have served for 10 years by July 31, 2010 are required to handover to their successors by August 01, 2010.
By the new guidelines, the positions of the CEOs of some banks including that of United Bank for Africa Plc [UBA] will be affected.
The Board of Directors of UBA has met and hereby assures all stakeholders that:
- The implementation of the new guidelines will not alter the vision and plan of UBA as the bank is well positioned to meet the requirements of the new guidelines.
- UBA has for a considerable period of time put strong emphasis on ensuring that it nurtures a deep pool of senior management talent, largely developed internally and complemented by selective recruitments from global institutions, capable of guiding the bank.
- The bank has in place robust business continuity and succession plans.
The Board wishes to thank all customers, investors and stakeholders of UBA for their support and shall continue to serve them in a manner that delivers consistent value to all stakeholders of the bank.
We will update our stakeholders in due course on developments in relation to this announcement.
Board of Directors
January 20, 2010
