Unity Bank Chair Resigns Over CBN’s Tenure Limit

Unity Bank has announced the retirement of its chairman, Mr Aminu Babangida, as well as an executive director, following the directive by the Central Bank of Nigeria (CBN) on tenure limits for bank executives,

Consequently, the bank appointed Mr Hafiz Bashir as the acting chairman of the board of directors just as it announced the appointment of two non-executive directors.

In a statement signed by the company secretary, Alaba Willians; the retirement of Babangida as chairman of board and Dr Oluwafunsho Obasanjo as non-executive direction became effective on March 18.

According to the bank, their retirement follows the “expiration of their tenuer as directors on the board of the bank and in compliance with the prescribed tenure for non-executive directors under the CBN code of governance for banks.

“The board accepted their retirement and appreciates their excellent leadership roles, strategic insights, immense contributions to the growth of the bank and whishes them success in their future endeavours.”

Bashir, who was named the acting chairman of board of the bank was the chairman of the board’s Finance and General Purpose committee and was appointed to the board of the bank on November 21, 2017. He was a member of board credit committee, board governance & nominations committee and board risk management & audit committee amongst others.

The board of Unity Bank also appointed Professor Iyabo Obasanjo and Ms Halima Babangida as non-executive directors of the bank subject to the approval of the CBN.

Prof Obasanjo is an associate professor, faculty affiliate Africana Studies Program at College of Willian and Mary, Williamsburg, Virginia USA, State commission for health, Ogun state and a senator in Nigeria.

Ms Babangida studies Business Management at the AGSB University, Switzerland and Business Administration from Montreux School of Business, Switzerland. She has cognate experience in stevedoring, logistics, farming/food chain industry and in the real estate and property management businesses.