United Bank for Africa Plc (“the Bank”) has notified The Nigerian Stock Exchange of the resignation of Mr. Apollos Ikpobe, a former Deputy Managing Director of the Bank effective 11 June 2015.

The resignation of Mr. Ikpobe was duly accepted by the Board of Directors of the Bank at its meeting of 15 June 2015.

This news comes as a surprise as Mr. Ikpobe was appointed Deputy Managing Director of UBA in September 2013. Before then he was a director in Zenith Bank and was once rumoured as the successor to Jim Ovia.

This sudden exit may stoke fears of an internal scuffle in UBA and to a larger extent with Tony Elumelu. Mr Elumelu is know to still wield significant influence and control in most of the companies of which he is the Chairman. UBA is not an exception and it is likely there may have been a fall out between Mr. Ikpobe and Tony over performance or portfolio management.

UBA’s website had Mr Kenedy Uzoka as Deputy Managing Director of UBA suggesting a replacement has already been made.



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