Odu takes over from Udoma at Stallion House

Union Bank of Nigeria Plc has appointed Cyril Odu as its new chairman, following the resignation of previous Senator Udoma Udo Udoma from the position, sequel to his appointment as Minister of Budget and National Planning.

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, Emeka Emuwa, said the board and management of Union Bank is pleased with Udoma for his astute leadership and support over the past three years.

According to him, under 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.

“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 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.”

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.

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.