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Dick Kramer Appointed Chairman of Union Bank, Yemi Osindero Joins Board of Directors

By on March 7, 2012

Union Bank of Nigeria Plc, one of Nigeria’s banks recently recapitalised with the injection of $500 million has announced the inauguration of a new board with Mr Dick Kramer of African Capital Alliance, (the core investor in the bank) appointed the Chairman of the Board.


According to a statement signed by Mr Francis D. Barde, Head, Corporate Affairs, in line with its recapitalisation plan, all the Non-Executive Directors of the bank retired from the board with effect from 31st December, 2011 following the injection of $500 million capital and the completion of all the processes required by the regulatory authorities.


“With the injection of Naira equivalent of USD500 million, Union Bank is with a capital adequacy ratio of 19 per cent, well above the CBN minimum required of 10 per cent,” the statement said.


“A new Board of Directors of the Bank has been inaugurated as a result of the completion of this recapitalisation. At the meeting of the Board held at the Bank’s Head Office in Lagos recently, three new directors namely Dick Kramer, Dr. Yemi Osindero and Dickie Agumba Ulu took their position on the Board.


“At the last Board meeting of the Bank last year, at which all Non-Executive Directors retired, two directors were reappointed to join the new Board and commence a new term with the Bank. The reappointed Directors are Engr. Mansur Ahmed and Chief Dr. Mrs. Nike Akande.


“Dick Kramer of African Capital Alliance (ACA), who was appointed the Chairman of the Board, and Dr. Yemi Osindero from Standard Chartered Private Equity, are both from institutions that are shareholders of Union Global Partners Limited.”


Dick Kramer is the Chairman of ACA, which has pioneered the management of private equity investments in high potential sectors of the Nigerian economy.


He came to Nigeria 34 years ago to launch Arthur Andersen & Company as Managing Partner, following similar roles in Brussels and Buenos Aires. He trained in Accountancy and earned an MBA from Harvard Business School before joining Arthur Andersen in 1958, where he worked in all areas of the firm’s practice and in the US, Latin America, Middle East, Europe, India and Africa.


Following his retirement in 1994, Mr. Kramer continued in Nigeria to consult, invest and continue community service activities. He helped to found the Nigeria Economic Summit Group (NESG), where he served as pioneer Vice-Chairman; the Harvard Business School Association of Nigeria (HBSAN), where he served as President; the Lagos Business School, where he is a member of the Advisory Board and Faculty; and more recently, the American Business Council.


He has served as Head of the Technical Team and Member of Vision 2010. He remains active in several other chambers, associations, professional bodies and non-profit organizations.


He has been honoured with many prestigious awards, including the national merit award of Officer of the Order of the Federal Republic (OFR); the Zik Prize in Leadership; and Institute of Directors award for Entrepreneurship.


Dr. Yemi Osindero is a dynamic and inspiring business leader, with several years of experience in international investment banking, foreign direct investment and venture capital, coupled with emerging market operational and business development experience.


He is currently the Head of West Africa Private Equity, Standard Chartered Private Equity. Prior to this, co-founded Virgin Nigeria Airways in 2005 and was Chief Operating Officer and member of its Board of Directors. Before that, he was an Investment Manager with Virgin Management, the holding company of Sir Richard Branson, where he was responsible for financial advisory, M&A initiatives, strategy and new business initiatives for various existing Virgin Group companies globally, and the investment evaluation of numerous new ventures to extend the Virgin brand. He was previously an M&A and Corporate Finance Investment Banker with Hawkpoint Partners Limited and started his career with Goldman Sachs in the UK.


He holds a B.Eng. (First Class Honours) in Chemical and Bioprocess Engineering from University of Bath, UK; and a Ph.D in Chemical Engineering from the same university.


He has played a number of leadership roles, including chairing the Board of Airline Representatives (BAR) in Nigeria and the Presidential Committee on Ticket Pricing. He is a Member, Nigeria Leadership Initiative; Member, Institute of Directors and is on the Advisory Board, “Top 30 Under 30” and The Future Awards, among others.


Dickie Agumba Ulu is a management expert with over 30 years of professional/industrial experience, and is currently the Development Consultant to Global Utilities Management Company.


He trained in Marketing/Insurance; Risk Management; Human Resource Management and Organisational Designs; and earned a HND (Business Administration) from Farnborough College, Farnborough, Hants, UK; Diploma, Chartered Institute of Marketing, UK; Advanced Certificate (Human Resource Management) from London School of Economics, London; as well as post-graduate Marketing Management (Strategic Planning & Control for Crisis Management) from University of Greenwich, Business School, West Mailing, Kent, London, UK.


He was General Manager, UK, Nigeria Reinsurance Corporation, London; Managing Partner at DKU Associates, London; and Special Assistant to the Presidential Adviser on National Orientation and Public Affairs, among others.


He had also undertaken many national assignments, including Member, Presidential Initiative on National Rebirth Campaign; Zonal Leader (North-West, South-South & South-East), Presidential Forum on Stewardship, Accountability and Youth Development; Chairman, Presidential Review Committee on Streamlining the Functions of Nigerian Film Corporation and the National Films & Video Censors Board; and Chairman, Sub-Committee “A”, Presidential Committee on the Restructuring of National Orientation Agency.


He is a member of professional and leisure associations.


Chief Dr. Mrs. Nike Akande, OON is a former Minister of Industry and President of the Harvard Business School Alumni Association of Nigeria. She is an Accountant by training and management/business consultant. She attended University of North London (formerly North Western Polytechnic, London), where she studied Accountancy. Later, she did her post-graduate programme at the prestigious Harvard Business School, Boston, USA, and also attended management courses at Oxford University, UK and International Institute for Management Development, Lausanne, Switzerland.


She is a Board Member of NEPAD Business Group of Nigeria, a foundation member of the Nigeria Economic Summit Group (NESG) and a Member of the African Business Roundtable (ABR). Dr. Mrs. Akande is a Director, PZ Cussons Foundation, Board Member, Bank Directors Association of Nigeria (BDAN), Chairman, Entrepreneurial Studies (AES) Excellence Club, Vice-President of Lagos Chamber of Commerce and Industry (LCCI), Honorary Life Vice-President, National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and President, Pan-African Organisation for Women Recognition.


She was at various times, Member of the Panel to Study and Reorganise Nigerian National Petroleum Corporation (NNPC), Director, National Insurance Corporation of Nigeria (NICON), Director, Nigeria Industrial Development Bank (now Bank of Industry), and Member, Vision 2010 and 2020 of the Federal Republic of Nigeria.


She is a recipient of many honours and awards, nationally and internationally, including national honour of Officer of the Order of the Niger (OON); and Lagos State Government 2011 Tax Compliance Award, to name a few.


Chief Akande has worked relentlessly on the development of women in Nigeria and her philanthropic activities cut across Nigeria, for which she has received many awards in appreciation of her contribution to community development.


Engr. Mansur Ahmed is currently the Director-General/Chief Executive Officer, Infrastructure Concession Regulatory Commission (ICRC). Prior to this appointment, he was the D-G/CEO of Nigerian Economic Summit Group (NESG), a position he assumed in 2004 following his retirement from the Nigerian National Petroleum Corporation (NNPC).


He has a first degree in Mechanical Engineering from Nottingham University and a Masters degree in Industrial Engineering and Administration from Cranfield Institute of Technology (now Cranfield University), both in the UK. He also has a post-graduate certificate in Investment Appraisal and Management of the Harvard Institute of International Development. He is a Fellow of the Nigeria Society of Engineers and the Nigerian Institute of Management as well as Member, Institute of Directors of Nigeria. Between 1976 and 1984, he worked in various manufacturing firms in the country before joining the Nigerian National Development Company (NNDC) as Executive Director. Between 1988 and 2003, he served the NNPC in various capacities before retiring as Executive Director in-charge of Refining and Petrochemical Directorate.


He has attended many courses and seminars in management, oil and gas operations and lately in the field of development studies, as well as written many articles on a wide range of issues. He has served and still serves on many national committees and is also a Director of GlaxoSmithKline Nigeria PLC. He joined the Board of Union Bank on the 4th of October, 2007 and has been recently reappointed into the Board.


Meanwhile, the Executive Management led by Funke Osibodu, as the Group Managing Director/Chief Executive, continues to pursue full repositioning of the Bank. The Executive Directors are Adekunle Mickey Adeosun, Philip Ikeazor, Ibrahim Abubakar Kwargana and Folashodun Adebisi Shonubi.