Tony Elumelu, Outgoing MD/CEO, United Bank for Africa (UBA)
Lamido Sanusi, who took over as CBN Governor in June, has already rocked the financial sector in Africa’s second largest economy, dismissing the executives of eight banks during a debt crisis brought on by reckless lending. The Central Bank of Nigeria (CBN) bailed out stricken banks to the tune of $4 billion.
In the latest move, the country’s 24 banks have been instructed to place a 10-year limit on the tenures of chief executives. “All CEOs who would have served for 10 years by July 31, 2010 shall cease to function in that capacity and shall hand over to their successors,” the CBN said.
Jim Ovia, Outgoing MD/CEO, Zenith Bank
Three chief executives would be affected, including the heavyweights who run two of the continent’s largest banks, people familiar with the situation said.
One is Tony Elumelu, who emerged as chief executive at United Bank for Africa (UBA) following a power struggle that followed its 2005 merger with Standard Trust Bank, which he had run since 1997. UBA’s board has just appointed Phillips Oduoza as the MD/CEO designate to replace Tony Elumelu.
UBA says it has assets of more than $19 billion, seven million customers in 14 African countries, and offices in New York, Paris and London. In 2008, US regulators fined UBA $15 million for failing to implement an adequate anti-money laundering program. The bank has since appointed new risk managers. Read the rest of this entry »
United Bank for Africa Plc (UBA), the pan African banking group, has announced the opening of its Zambian operations – the first Southern African business unit for the group. The establishment of a full banking presence in Zambia further emphasizes the group’s vision of bringing world class banking services to all regions of sub-Saharan Africa and follows its successful openings in Kenya, Uganda and Tanzania.
Group Managing Director/CEO UBA Plc, Mr. Tony Elumelu has applauded the establishment of credit bureaus in Nigeria describing it as a historic milestone in the financial services sector in the country. ChairmanKing.com recently reported that 
Standard Bank already operates in Nigeria through its controlling stake in Stanbic IBTC.
Kenyan banks have posted their results for the third quarter and, apart from a few exceptions, are expected to post modest profit growth for 2009 as a whole. Following are key facts about Kenyan banks:
* The latest foreign bank to pitch its tent in Kenya is Nigeria’s United Bank for Africa (UBA).
Nigeria’s four largest banks will boost their domestic market share, leaving smaller rivals behind, following an audit by the Central Bank of Nigeria (CBN) of lenders operating in the country, Renaissance Capital (RenCap) said. 
The Central Bank of Nigeria (CBN) said on Friday 
