28 March 2014

Nigeria: United Bank Directors Quit

Lagos — TWO non-executive directors of the United Bank of Africa, Emmanuel Nnorom and Abdulkadir Bello, have resigned from the company.

In a notice to the Nigerian Stock Exchange (NSE), the bank said that the resignation of pair, who had served the financial institution for less than two years each, took immediate effect.

In the notice, Bili Odum, Group Company Secretary to the bank, said the resignation of the duo was in compliance to the Central Bank of Nigeria's (CBN's) directive to deposit money banks in the country that all executive directors (EDs) aspiring to take up non-executive directorship positions in their banks or their subsidiaries were required to serve out a minimum cooling-off period of three years.

UBA had in January this year and last September notified the stock exchange of the appointment of Nnorom and Bello as non-executive directors of the bank.

CBN through a circular dated March 13, 2014 titled “Transmutation of Executive Directors to Non-Executive Directors of Deposit Money Banks” directed to all banks to note and comply with the directive that all executive directors aspiring to take up non-executive directorship positions in their banks or their subsidiaries, which are under the supervision of the bank or the Nigerian Deposit Insurance Corporation, are required to serve out a minimum “cooling-off” period of three years.

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