By InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s lender, Union Bank of Nigeria Plc (UBN) said on Tuesday three (3) directors has resigned from its board, the lender said in an issuer’s announcement to the Nigerian Stock Exchange (NSE).

The directors are Douglas Munatsi,  Dickie Ulu and Saidu Mohammed-Jallo.

According to the bank, Munatsi, who was a representative of ADC Enterprises (a member of the UGPL Consortium), resigned following the acquisition of ADC by Atlas Mara Ltd.

While Ulu and Mohammed-Jallo also resigned following AMCONs selling off its stake in the bank to Atlas Mara Ltd.

“The effective date for these resignations was February 24, 2015,” UBN added.

Also, Union Bank said it has appointed four (4) new directors effective February 24, 2015 which the Central Bank of Nigeria (CBN) has approved.

The new directors are Arina McDonald, Beatrice A. Hamza-Bassey, John Vitalo and Adekunle Sonola .

According to the bank, Mcdonald
 is a South African by nationality and a professional banker with diverse skills and experience in both South Africa and internationally. 

After qualifying as a Chartered Accountant in South Africa and completion of 3-years traineeship at Coopers and Lybrand

Ms McDonald joined the London office of PricewaterhouseCoopers in 1999.

In 2007 she joined the Standard Bank Group’s M&A function and lead acquisition activities relating to its Group itself (as opposed to client acquisition advisory work).  

She became the CFO for the Standard Bank Group’s African Businesses in October 2014. 

Mcdonald took up the position of head of group central finance in January 2015 reporting to the Group CFO.  

She is currently the CFO of Atlas Mara Limited, a new banking group co-founded by Bob Diamond and Ashish Thakkar a premier financial services institution in sub-Sahara Africa.  

Bassey on her part
is a Fellow of the prestigious David Rockefeller, Fellows Program of the Partnership for the City of New York, a highly selective program that engages outstanding leaders in all business sectors to expand their influence and contributions in civic affairs and shaping the future of New York City.  

She serves www.nse.com.ng on the Anti-Corruption and Litigation Committees of the International Bar Association. 

Bassey a member of the Nigerian Bar Association and the American Bar Association among others. 

She is presently the general counsel and chief compliance officer at Atlas Mara Limited and has extensive experience in matters pertaining to corporate governance and financial institutions.    

While Vitalo was the managing director with Barclays Capital, London from January 2003 to July 2005, and the chief operating officer for the division of Barclays Capital encompassing Fixed Income, Foreign Exchange, Communities, Money Markets & Portfolio; Equity-Linked; Emerging Markets; Collateralised Finance, reporting to the Head of Rates. 

From May 2009 to July 2014, he was the CEO, Middle East & North Africa of Barclays Plc, Dubai, United Arab Emirates where he provided in-region leadership, governance, oversight and mentorship to all aspects of Barclays’ business presence in the region.  

He is presently the CEO of Atlas Mara Co-Nvest Ltd, a company listed on the London Stock Exchange (LSE). 

Sonola on his part is an
 experienced professional with over 24 years’ experience in market leading local and international banks, Mr. Sonola holds a Bachelor of Arts degree in English Language from Ogun State University (1986) and also has L.LB (Hons) from Obafemi Awolowo University IIe Ife, (1990). 

He is also an M.B.A. graduate of Durham University Business School Durham, United Kingdom (1999). 

His professional career spanned Mutual Trust Savings & Loans Ltd (1990 to 1995); Eco International Bank Plc (EIB) now Skye Bank Plc (1995 – 1996); Magnum Trust Bank Plc (Now Sterling Bank Plc) – 1996 and Ecobank Nigeria Plc (2000). 

He also worked with Guaranty Trust Bank Plc (2006); Stanbic IBTC Bank (2006 to 2012), and re-joined the Guaranty Trust Bank Plc in November 2012 as Divisional Head, Corporate Banking, Mainland.  

Sonola is currently the MD Guaranty Trust Bank, East Africa.

Shares of Union Bank at the close of transaction on the NSE opened at N7.29 and closed the same margin.