Two Non-Executive Directors of United Bank for Africa Plc
(UBA), Emmanuel Nnorom, and Abdulkadir Bello have resigned their appointment
with the bank. The resignation is 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 are required to serve out a
minimum cooling-off period of three (3) years.
UBA had on January 10, 2014 and September 2, 2013 notifed
the Nigerian stock exchange (NSE) of the appointment of Nnorom and Bello as
non-executive directors of the bank.
The Central Bank of Nigeria (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 central bank of Nigeria or the Nigerian deposit
insurance corporation, are required to serve out a minimum ‘cooling-off’ period
of 3years.
Meanwhile, former Executive Directors, Mr. Emmanuel Nnorom,
and Mr. Abdulkadir Bello, who were recently appointed as non-Executive
Directors will not be eligible to take up the role within the UBA Group until 3
years have expired after their exit from the Bank. They have therefore resigned
from the Board with immediate effect.
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