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“Why We Appointed Oliver Alawuba As New UBA GMD”- Tony Elumelu Reveals

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“Why We Appointed Oliver Alawuba As New UBA GMD”- Tony Elumelu Reveals

“Why We Appointed Oliver Alawuba As New UBA GMD”- Tony Elumelu Reveals

“Why We Appointed Oliver Alawuba As New UBA GMD”- Tony Elumelu Reveals

 

 

The United Bank for Africa Plc (UBA), Africa’s global bank, yesterday announced the appointment of Mr. Oliver Alawuba as its Group Managing Director.

Alawuba is to oversee all the Group’s banking operations across its 20 African country network and globally in the United Kingdom, the United States of America, France, and the United Arab Emirates.

 

 

 

 

 

The bank disclosed this in a statement yesterday.

Alawuba joined UBA in 1997 and has held a series of senior positions, including as the CEO of UBA Ghana, the CEO of UBA, Africa and most recently as Group Deputy Managing Director.

 

 

 

 

 

 

 

Commenting on the new appointment, UBA Group Chairman, Tony Elumelu stated: ‘I am very pleased to announce Oliver Alawuba as the new Group Managing Director of the UBA Group. Oliver has extensive experience in Nigeria and our African network and is well equipped to advance our pan-African and global strategy.

“I have no doubt that Oliver will build on the legacy of Kennedy Uzoka, who has exemplified transformational leadership by championing a customer-first philosophy; launching our twentieth operation in Africa, UBA Mali; acquiring a wholesale banking licence for UBA UK in the United Kingdom and opening our fourth global operation, UBA Dubai, in the United Arab Emirates.”

 

 

 

 

 

 

 

 

 

Also, Alawuba expressed his commitment to his new role as Group Managing Director saying, “I am grateful for the opportunity to lead this great institution and would like to thank the UBA Group Chairman and the members of the Board of Directors for the confidence they have put in me to deliver the mandate.”

Alawuba assumed his new position from August 1, 2022, subject to approval by the Central Bank of Nigeria.

 

 

 

 

 

 

Equally appointed, according to the statement was Muyiwa Akinyemi as Deputy Managing Director.

Akinyemi joined UBA in 1998, as a Senior Banking Officer in UBA’s Energy Bank and has served the Group in Nigeria and our broader Africa network for twenty-four years.

 

 

 

 

 

 

 

 

Other executive appointments announced by the bank included: Ms. Sola Yomi-Ajayi as Executive Director, Treasury and International Banking. Yomi-Ajayi has been with the Group since 2004 and has considerable international experience, culminating in her appointment as CEO of UBA America.

In the same vein, Mr. Ugochukwu Nwagodoh was appointed the Executive Director, Finance and Risk Management. According to the statement, Nwagodoh joined the Group from PwC in October 2004. He has since held a series of significant roles in the areas of performance management, compliance, financial control and reporting.

 

 

 

 

 

 

 

 

 

“Mr. Alex Alozie, Executive Director and Group Chief Operating Officer, who joined the Group in 2019 and has driven the Group’s digital transformation and operational efficiencies.

“Ms. Emem Usoro, Executive Director, North Bank. Emem joined the Group in 2011 and has served in a series of senior regional appointments across Nigeria, covering the retail, corporate and public sectors,” it added.

 

 

 

 

 

 

 

 

 

The Board also announced the retirement of Executive Directors who had completed their tenor, many of whom the statement disclosed would continue to serve the broader Group upon regulatory approval of a holding company structure. They included Mr. Kennedy Uzoka, Mr. Uche Ike, Mr. Chukwuma Nweke, Mr. Ibrahim Puri, and Mr. Chiugo Ndubisi.

A further announcement was made on the retirement of a Non-Executive Director, Ambassador Joe C. Keshi, who served as Vice Chairman of the board. This took effect from August 1, 2022, after a completion of his tenure of 12 years.

 

 

 

 

 

 

 

 

The Group Chairman congratulated the retiring Directors on the completion of their tenors and their exemplary records.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 35 million customers globally.

 

 

 

 

 

 

 

 

 

 

 

 

Operating in 20 African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

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Access Bank Win Against Sonny Odogwu’s Estate As  Court Orders him To Pay N26bn Debt

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Access Bank Wins Against Sonny Odogwu

Access Bank Win Against Sonny Odogwu’s Estate As  Court Orders him To Pay N26bn Debt

Access Bank Wins Against Sonny Odogwu

 

Justice Daniel Osiagor of the Federal High Court, Lagos today upheld the N26 billion debt claim by Access Bank PlC against the estate of the late Ide Ahaba of Asaba, Chief Sonny Odogwu.

Osiagor upheld the bank’s claim after dismissing the preliminary objection filed by the estate of the late Chief Sonny Odogwu challenging the claim of the bank adding that a consent judgement had earlier been entered in which parties to the debt agreed on the payment of N12 billion as full and final payment.

 

 

 

 

The defendants in the preliminary objection added that having taking benefit of the consent judgement, the plaintiff can’t turn around and ask the court to set aside same.

However, Access Bank it it’s claim before the court said the said judgement was floored in that it was delivered by a court that lacked jurisdiction to entertain it at the time it was entered as consent judgement.

 

 

 

 

 

The bank through it’s counsel, Kemi Balogun, SAN said the matter having been placed at the bossom of the Court of Appeal , the lower court which entered the consent judgement as the judgement of the court is Functus Officio ( lacked jurisdiction) and that the only court that has the power to adjudicate on such matter at that level is the appellate court.

Justice Osiagor while dismissing the objection of the defendants nullified the consent judgement entered by Justice Rilwan Aikawa which sanctioned the consent judgement on the ground that it lacked jurisdiction to grant such order as it is functus officio of the matter as at the time he granted the order.

 

 

 

 

 

 

 

The judge then affirmed the earlier judgement of justice Saliu Saidu which ordered the defendants to pay it’s outstanding indebtedness of N26 billion.

Justice Osiagor however ruled that the payment must be less all amount earleir paid to the judgement creditor

 

 

 

 

 

 

 

 

The court also award a cost of N200,000 against the defendants’.

It would be recalled that Access Bank Plc and the late Ide Ahaba of Asaba, Chief Sonny Odogwu, entered into a N26 billion loan agreement when he was alive. The late businessman wanted to use the facility to build luxury apartments to be known as Le Meridien Grand Towers in highbrow Ikoyi, Lagos.

 

 

 

 

 

 

 

In line with global best practices, the bank demanded for collateral security.

Thus Odogwu mortgaged prime properties in Lagos, Abuja, Dubai, and Los Angeles to Access Bank in return for the facility. After the death of the businessman, the mortgaged properties eventually become a subject of litigation

 

 

 

 

 

 

 

 

 

Trouble started when the estate of the late Chief Odogwu, reacted angrily to a move by Access Bank to take over the uncompleted property due to the non performance of the loan.

The defendants’ went to town with a statement that the property was not part of the consent agreement reached by both parties, and registered as a judgment of Federal High Court, Lagos. The release signed by the estate lawyer, Chief Anthony Idigbe SAN was published by various media platforms on Tuesday.

 

 

 

 

 

 

 

 

Reacting to the statement, Access Bank said that the Ikoyi property was not the only one that fell within the purview of the November 3, 2015 Federal High Court judgment that ordered the bank to take over the properties used it as collateral in lieu of the N26 billion loan facility.

Other properties include Berendo Property located in Los Angeles, State of California, United States of America, Unit No: FN428, The Fairmont Palm Residence (North), Dubai, United Arab Emirates, Asokoro Shopping weMall, Abuja, 1 Happy Home Street, Kirikiri, Lagos, properties located at Kingsway and Lawrence Roads, Ikoyi Lagos.

 

 

 

 

 

 

 

Access bank also stated that it is is the successor in title to Diamond Bank Plc following its merger with Diamond Bank Plc.2

The crux of the matter was that former Diamond Bank PlC granted facilities to the Judgment Debtors for the construction of a property to be known as Le Meridien Grand Towers located and lying at 31-35 Ikoyi Crescent, Lagos and registered as No. 17 at page 17 in volume 100 at the Federal Lands Registry, Ikoyi, Lagos. The property is mortgaged to the bank as collateral for the facilities.

 

 

 

 

 

 

 

 

However, litigation that ensued over the inability of company, Robert Dyson & Diket Limited to liquidate the facility, Access Bank secured a Judgment in the sum of N26,229,943,035.22 consequent upon a Federal High Court judgment in Suit No. FHC/L/CS/1633/2014 delivered on 3rd November 2015 against Robert Dyson & Diket Limited & 2 Ors (the Judgment Debtors) in relation to the Project Finance for development of a seven-star hotel and residences (“the Project”).

Following the Judgment, Robert Dyson entered an Appeal against the said judgment and a motion staying the execution of same in APPEAL NO: CA/L/1151/2015 – ROBERT DYSON & DIKET LIMITED & 2 ORS. V. DIAMOND BANK PLC & 3 ORS.

 

 

 

 

 

 

 

The Judgment Debtors also filed a Counter-Claim against the Access Bank in the State High Court: SUIT NO: LD/1666CMW/2016 – LEADWAY CAPITAL & TRUSTS LIMITED V. DIAMOND BANK PLC & 2 ORS.

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FirstBank Branch, Head office, not Sealed

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FirstBank

FirstBank Branch, Head office, not Sealed

FirstBank

 

Our attention has been drawn to the news reports online with the conflicting claims that FirstBank branch or/head office has been sealed.

 

Please be informed that the referenced story is a misrepresentation of the facts and misleading. Neither our branch nor head office was sealed. On the 4th of August, 2022, there was an unlawful enforcement at the Bank’s Coomassie House Branch of a garnishee order issued by a Federal High Court sitting in Abuja which order the Bank is still challenging in court.

 

 

 

 

While the Bank has taken appropriate legal steps to deal with the situation, we wish to reassure our customers of unhindered banking services and unique customer experience in all our branches and through our numerous alternative channels.

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RE: Online Publication on Purported Sale of Polaris Bank

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Polaris Bank

RE: Online Publication on Purported Sale of Polaris Bank

Polaris Bank

Our attention has been drawn to an online report on the purported sale of Polaris Bank Limited.

This publication is speculative, deliberately intended to create panic and should be disregarded by the banking public.

 

 

 

Stakeholders may recall the regulatory intervention in the erstwhile Skye Bank by the CBN and the subsequent injection of capital via the Asset Management Corporation of Nigeria (AMCON) through a bridge bank process, which birthed Polaris Bank in 2018. The bank has since stabilized its operations following the intervention; improving its balance sheet, customer base and profitability.

Whilst the intention has always been to return the bank to private ownership, such a sale would occur following regulatory approvals with formal notification to all relevant stakeholders. The Bank is committed to ensuring timely communication to the public in such an event.

 

 

 

 

 

The Board and Management hereby reassure its customers, staff and the general public that Polaris Bank remains a stable, strong and credible financial institution, positioned to deliver sustainable value to all its stakeholders.

Signed
Management

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