Union Bank CEO, Emeka Emuwa, Retires With Unimpressive Financial Performance

The Chief Executive Officer of Union Bank of Nigeria, Emeka Emuwa, has retired after nine years leading the lender. Emuwa took over Union Bank in 2012, the year the company surpassed the hundred billion naira revenue mark, but will be leaving an unstable financial performance for his successor.

Emuwa's retirement will take effect on March 21, 2021, with Emeka Okonkwo, an Executive Director for the Bank‘s Corporate Banking business, appointed to takeover pending approval from the Central Bank of Nigeria (CBN).

Emuwa had joined Union Bank following Union Global Partners' $500 million investment into the oldest lender in Nigeria, with mandate to transform Union Bank into a respected financial service provider, however, under his nine years tenure, the bank has seen little improvement in a competitive banking industry.

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Union Bank has had to compete with the likes of Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), Zenith Bank, First Bank and several other major financial brands. The competition had reduced the financial opportunities available for Union Bank to take advantage of, as its rivals are more fancied for banking transactions.

Financial Performance Under Emuwa

While Emuwa became CEO in November 2012, Union Bank was incorporated in 1969. At the time Emuwa took over, Union Bank generated NGN112.7 billion as at Year End 2012, entering into the hundred billion naira revenue mark, with NGN86.4 billion as Operating Income.

Nine years later, Emuwa will be exiting with NGN166.5 billion as gross earnings generated for the year ended 2019 (according to last FY report), while Operating Income for the period is NGN95.1 billion. Within the nine year period of Emuwa's tenure, the Operating Income has been fluctuating.

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Operating Income: In 2012 year end, Union Bank reported an Operating Income of NGN86,4 billion, the figure declined to NGN69,8 billion in 2013 after Emuwa took over, however, the Operating Income rebound a year after hitting NGN95,3 billion.

It, however, suffered another drop, declining to NGN71,9 billion in 2015, and rising slightly to NGN77,04 billion and NGN80,3 billion in 2016 and 2017 respectively, but still well below the Operating Income Union Bank reported prior to Emuwa's take over.

The company finally surpassed the 2012 Operating Income, after recording NGN93,8 billion and NGN95,1 billion in 2018 and last year respectively.

Gross Earnings: 2012: NGN112,7 billion; 2013: NGN121,3 billion; 2014: NGN135,8 billion; 2015: NGN117,2 billion; 2016: NGN126,5 billion; 2017: NGN163,8 billion; 2018: NGN145,5 billion; 2019: NGN166,5 billion.