United Bank for Africa Plc (UBA) has unfolded plans to reorganise its operations into a holding company, following approvals-in-principle from the Central Bank of Nigeria (CBN) and the bank’s board and is aimed at strengthening its operational excellence and continental aspirations.

Specifically, UBA will now be restructured into a financial holding company to be known as UBA Holdings Plc, comprising UBA Plc, UBA Capital Holdings and UBA Africa Holdings as subsidiaries in line with its continental aspirations and quest for improved services.

UBA Plc is the commercial bank with International authorisations and will comprise the banking operations in Nigeria (UBA Plc) and New York, and UBA Pensions Limited. It will be regulated by the CBN as an international commercial bank and remains listed on the Nigerian Stock Exchange.

All of the group’s banking operations/subsidiaries outside Nigeria and across Africa (currently 18 countries) will now be held under UBA Africa Holdings Limited. This company will also be regulated by the CBN

UBA Capital Holdings Limited will comprise all the group’s non-banking businesses, and will be regulated by the Securities and Exchange Commission (SEC), and other regulators. These businesses include UBA Trustees, UBA Asset Management, UBA Insurance Brokers, UBA Capital Africa, and UBA Capital Europe (London).

In line with the CBN’s directive that banks can no longer own registrar and property businesses, the group will divest its interest in UBA Registrars Limited and UBA Properties Limited.

Following this restructuring, the group has announced key appointments that flow from its long-term succession plan.

Group Managing Director, Phillips Oduoza, will run the International Bank (UBA Plc) while Victor Osadolor, a Deputy Managing Director, becomes Managing Director of UBA Capital Holdings Limited. Gabriel Edgal and Emeke Iweriebor have respectively been appointed the Managing Director and the Deputy Managing Director of UBA Africa Holdings Ltd.

Osadolor was prior to this appointment, in charge of the bank’s business across Southern Nigeria. He has also served as the Group CFO.

He has a strong finance and accounting background and a deep knowledge of capital markets. Gabriel Edgal until recently was the Chief Executive Officer of UBA West Africa comprising eight countries after a very successful stint as CEO of UBA Ghana.

Emeke Iweriebor, the pioneer CEO, UBA Cameroon, was until this appointment the CEO, East, Central and Southern Africa country operations.

As pioneer professionals in the Group’s expansion into Africa, they will bring their strong business and technical skills to bear in strengthening and growing the Group’s footprint across the continent.

The task of ensuring synergy, integration and coordination of the various businesses of the group will be run from the parent Holding company – UBA Holdings Plc. Emmanuel Nnorom, the bank’s Executive Director (Finance) has therefore been appointed to UBA Holdings Plc.

With the movement of these top executives to the holding companies, the group also announced some key appointments in the International Bank (UBA Plc). Erstwhile Executive Director (Resources) Kennedy Uzoka has been appointed Deputy Managing Director while General Manager (North Bank). Dan Okeke, has been appointed Executive Director, all subject to CBN approval.    Okeke will take over from Mrs Tuedor-Matthews, who has resigned from the services of the bank to pursue other personal endeavours. Prior to her resignation, Tuedor-Mathews was the Deputy Managing Director covering the bank’s operations in Abuja.