Funke Osibodu to Step Down as MD of Union Bank

The board of directors of Union Bank has signaled that they will be replacing their current Managing Director, Mrs. Funke Osibodu.

Mrs. Osibodu was appointed the Managing Director of the Bank in August 2009 by the CBN Governor, Mallam Lamido Sansi, during the bank recapitalization exercise which saw the Federal Government pump in billions of dollars into several undercapitalized banks to stop them from failing.

After a brief stint at the bank, not much of the bank’s fortunes has been restored as the bank recorded a N 95 billion loss in FYE 2011 audited report.

Taking over from the outgoing MD, is reported to be . Emeka Emuwa, who is currently the Managing Director of Citibank Nigeria Limited.

Four executive directors that were appointed with Mrs Osibosu will also take their leave, while the new CEO, subject to regulatory approval, will come along with a new team.

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