Following the dissolution of the Board and Management of three prominent banks Union Bank, Keystone Bank, and Polaris Bank on Wednesday, the Central Bank of Nigeria (CBN) announced the appointment of Yetunde Oni as the new Managing Director/Chief Operating Officer of Union Bank plc.
The announcement of Yetunde Oni’s appointment was made by Sidi-Ali Hakama, the acting director of Corporate Communication, through a circular dated January 10, 2024.
In a related development from last December, Titan Trust Bank’s (TTB) chairman, Babatunde Lemo, faced questioning by the Special CBN Investigator, Jim Obazee, regarding TTB’s acquisition of Union Bank of Nigeria Plc (UBN). Titan Trust Bank promptly issued a press release refuting any allegations.
Amidst this backdrop, the arrival of Yetunde Oni as the new Chief Executive Officer and MD of Union Bank adds a layer of uncertainty to the ongoing saga surrounding the acquisition of Union Bank by Titan Trust Bank. She takes over from Mudassir Amray, the former CEO of the bank.
Background
Yetunde Oni assumes the position of CEO at Union Bank, bringing with her a career spanning 25 years. Known for her role in originating client solutions, managing teams, and talent development, Oni is recognized as a tenacious leader with a track record of navigating complex business decisions.
Her academic background includes a degree in Economics from the University of Ibadan in 1991, Executive Training at Oxford University in 2016, and an MBA in Business Administration from Bangor University in 2020.
The appointment marks a significant development in Union Bank’s leadership, with Oni’s extensive experience expected to play a crucial role in the bank’s strategic direction.
Career and Experiences
Yetunde Oni’s journey commenced with the Prime Merchant Bank Treasury & Money Markets Group from where she joined Ecobank Nigeria as a Relationship Manager in the Institutional Banking Group for 11 years (1994 – 2005).
During this period, she significantly contributed to business growth by marketing client prospects and cultivating established relationships. Notably, as a member of a strategic team, she played a crucial role in revalidating the bank’s strategy and overseeing its implementation.
In January 2005, Yetunde Oni joined Standard Chartered Bank Nigeria, assuming the role of Senior Account Relationship Manager in the Local corporations segment.
Her professional trajectory within the institution reflects a commendable evolution.
- Transitioning to the Apapa Branch, she took on the dual responsibilities of Wholesale Banking Branch Head and adeptly undertook the origination and development of the Bank’s Local corporate portfolio in the Apapa and Ogun State Region.
- The culmination of her achievements led to her appointment as the Head of Local Corporates in May 2010.
- In her capacity as Head of Local Corporates, Oni steered the team towards building a robust Local Corporates franchise.
- Her strategic leadership emphasized aspects such as profitability, balance sheet optimization, and engaging clients with a long-term vision.
- By 2014, she became Managing Director & Country Head of Commercial Banking in West Africa for Standard Chartered Bank. (2014 – Jan 2021) During her seven-year tenure, Oni played a pioneering role as the head of the Commercial Clients segment.
- She crafted and executed the overall strategy for business growth, addressing strategic and tactical issues crucial to the segment’s development.
- Her responsibilities included managing key relationships to enhance returns while mitigating risks and ensuring compliance with group credit policies and local underwriting standards.
Before her Managerial appointment with Union Bank, she operated as the first female Managing Director and Chief Executive Officer at Standard Chartered Bank in Sierra Leone, a position she took in January 2021.