• Mischief makers allege foul play as UBA changes CEO
By Femi Ajayi
When loyalty ebbs and the flames of confidence dwindle to a pale glow, respectable people are often the last to know or admit that change is in the offing. Those who fail to acknowledge change when it looms are however, consumed by the scorching flares of its reflections in the mirror of reality. Ask Phillips Oduoza. The out-going Group Managing Director (GMD) of the United Bank for Africa (UBA) contends with malicious rumours about his sudden exit from the bank as you read.
Soon after the bank announced the appointment of Kennedy Uzoka as its new GMD, mischief makers set to work claiming that the former GMD, Oduoza, was sacked because he incited the wrath of Tony Elumelu, the former GMD and current Chairman of the bank. According to the rumour mill, Oduoza had it coming; he allegedly drew the ire of Elumelu a long while ago thus the latter’s methodical, surgical removal of Oduoza as the chief administrator of the bank.
Sources within the bank alleged that the bank was silent on the actual story behind Oduoza’s removal as its GMD because it would cause bad press and incite the ire of certain stakeholders who were comfortable with Oduoza’s leadership style.
However, a highly placed source in the company’s management dismissed the allegations claiming there was no hanky-panky in Oduoza’s exit. According to the senior management staff, Oduoza wasn’t removed from his position but the former GMD actually left of his own volition to pursue some personal dreams of his. The essence of being an entrepreneur is to own your personal business and that is the impetus that warranted Oduoza’s exit from UBA. He left peacefully and on very cordial terms to establish himself in more fulfilling ventures, claimed the source.
Banker par excellence
Oduoza flaunts an enviable record in banking. With a First Class B.Sc. (Hons.) degree in Civil Engineering and an MBA (Finance), both from the University of Lagos, he proceeded to the Advanced Management Programme of Harvard Business School. He subsequently ventured into banking in 1987 with the International Merchant Bank (IMB) as a Credit Officer. At IMB, he trained in credit analysis. He had a stint between 1988 and 1991 at Citibank, the world’s largest financial services institution, a period during which he was equipped with an indispensable knowledge of banking operations, relationship management, credit/marketing, efficient implementation of technology, risk management and lean banking methods.
In 1991, he worked with a small team of young and talented professionals to pioneer Diamond Bank PLC and built it into one of the strongest brands and most successful financial services entity in the country. As Executive Director, Operations and Technology at Diamond Bank in 1999, he transformed IT within the bank to global standards. In 2002, he became the Executive Director, Commercial/Retail Banking at the same bank until 2004. He joined Reliance Bank Limited in August 2004 as Deputy Managing Director, where he worked briefly before joining the Management and Board of Standard Trust Bank PLC in December 2004.
He has attended numerous banking, management and leadership courses, and has strengths in execution, talent management, technology integration and lean banking.
Uzoka’s appointment, which is subject to the Central Bank of Nigeria, CBN’s approval, is to take effect from August 1, 2016, as Oduoza’s retires on July 31 after two terms.
Fears about Uzoka
The ego of Nigerian bank chiefs with a few exceptions is elephantine to start with. That is why many of them parade their bulk like emperors. The incumbent banks’ MDs have been cast in a bind and turned into ordinary ceremonial figureheads whose chief duties is to rubber-stamp the banking chairmen’s decisions while carrying out their will, albeit grudgingly.
Prominent members of the bank’s management are however, worried that Uzoka’s tenure may spell trouble for people who are not loyal to the chairman as the newly appointed GMD is known to be a ‘Yes-man.’ Uzoka is reportedly extremely loyal and unable to look Elumelu in the eye. According to senior UBA staff, the new GMD is awestruck by Elumelu, the bank’s Chairman thus he would be unable to counter Elumelu’s thoughts or decisions on any issue about the bank.
A GMD, they maintained, should be able to speak truth to constituted authority and hold his ground particularly on very sensitive issues that affects the fortunes and future of the bank and its numerous clients across Africa.
A statement by the bank’s head of media, UBA, Ramon Nasir, said Uzoka has been leading the transformation of the bank for some time, after completing the Advanced Management Programme of Harvard Business School.
In another appointment, Victor Osadolor was named the Deputy Managing Director, UBA Group. Osadolor brings a strong finance and risk background, having previously served as the Executive Director, Risk and Finance at UBA. He also holds the Advanced Management Programme Certificate from the Harvard Business School.
The Chairman of UBA Group, Tony Elumelu, said “Kennedy brings an extremely strong skill set and is ideally positioned to lead UBA in its next phase of growth.” Elumelu said Uzoka’s most recent experience of managing the Group’s increasingly important African business, is particularly relevant, as the bank work to build one of the leading financial services franchises in Africa.
