Mr. Odu joined the board in
2012, following a $500 million investment in the bank from Union Global
Partners Limited, a private equity consortium.
The Group Managing Director
and Chief Executive Officer of the bank, Mr.
Emeka Emuwa, said the board and
management of Union Bank is pleased with Senator Udoma for his astute leadership
and support over the past three years.
According to him, under Senator
Udoma’s guidance, the bank defined its strategic direction, outlined its
transformation roadmap, and has made significant strides executing its
priorities as is evident in the achievement of critical operational and
financial milestones.
He said: “We wish him success as he is called to serve our country in
a higher capacity and to assist the administration of President Muhammadu
Buhari in the transformation of the Nigerian economy. We are very pleased as Mr. Cyril Odu assumes the role of the
Chairman. As a non-Executive Director since 2012, he has brought his extensive
knowledge and experience to bear and has provided critical input and direction
to support Union Bank’s transformation. His appointment brings continuity and
ensures that the bank will continue to execute its defined strategic
initiatives over the next few years.”
Mr. Odu has nearly 45 years
of professional and management experience, with 40-year career at ExxonMobil
seeing him rise from trainee to Vice Chairman of the oil producing company and
Chief Financial Officer of its upstream companies in Nigeria. During the span
of his career at ExxonMobil, he served in many technical and managerial
functions including associate geologist, treasurer, controller, project finance
director (Europe, Middle East and Africa), country human resource manager, and
general manager, Planning and New Business Development.
He was actively involved in
developing and executing ExxonMobil business strategies in Nigeria, as well in
as the implementation of several innovative funding and financing solutions,
including the first upstream financing deal (the 1991 Oso Condensate field
development) in Nigerian history.
In 2008, he served on a
Presidential Committee tasked with accelerating the expansion of Nigeria’s
power infrastructure. After his retirement from Exxon Mobil in 2012, Odu joined
African Capital Alliance where he became a partner and led the energy division
of the firm.
He serves as a
non-executive director on other corporate boards including Income Electrix and
Venture Gardens Group.
Prior to his new
appointment, Odu was the Chairman of the bank’s Risk Management Committee and
also served on the Finance and General Purpose Committee and Credit Committee.
Mr. Odu holds a bachelor’s
degree in Geology from the University of Ibadan, where he graduated with
honours and MBA from Texas Southern University in Houston, Texas, United States
of America. (guardian)
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