Union Bank appoints Cyril Odu as new chairman

The Union Bank of Nigeria on Thursday announced the appointment of Cyril Odu as its new chairman following the resignation of Udoma Udo Udoma.

Udoma is currently the minister for budget and national planning.

Announcing the appointment of Odu in a statement, the bank commended Udoma for his “astute leadership and support in the past three years”.

The statement said Odu joined the board in 2012 following the $500 million investment in the bank from Union Global Partners Limited, a private equity consortium.

It said that Odu’s appointment “brings continuity and ensures that the bank will continue to execute its defined strategic initiatives over the next few years”.

The statement also said Odu was the chairman of the bank’s risk management committee prior to his appointment as chairman.

Odu holds a bachelor’s degree in Geology from the University of Ibadan and an MBA from Texas Southern University in Houston, Texas.