Onwuka Resigns as Enterprise Bank Chairman

The Chairman of Enterprise Bank Limited, Mr. Emeka Onwuka has resigned from the bank.

THISDAY learnt that Onwuka’s resignation was prompted by his interest in one of the group of investors that plan to acquire one of the three banks owned by the Asset Management Corporation of Nigeria (AMCON).

Enterprise, Keystone and Mainstreet Banks are wholly owned by AMCON and the corporation recently commenced the process of divesting from the three commercial banks, firstly with Enterprise Bank whose expression of interest closed on September 20^th.

The Director of Corporate Communications, AMCON, Mr. Kayode Lambo, confirmed the development in a telephone chat with THISDAY.

“We got his resignation letter and we have applauded his sincerity, especially in extricating himself from the bid process which is about to commence. Mr. Onwuka’s contributions were immensely beneficial to the bank. AMCON had told all the directors in the three banks to resign if they have any interest in any of the banks,” Lambo explained.

Lambo, however said he was not aware of the firm Onwuka was eyeing, adding: “What we just ended was an expression of interest, bidding has not started.”

However, THISDAY gathered that in the letter of resignation addressed to the managing director AMCON, Onwuka referred to his earlier declaration of interest, where he intimated the management of his interest with a group of investors that intend to acquire one of the banks.

The letter reads in part: “In order to avoid any potential conflict of interest in the transaction and to protect the credibility of the process, I am resigning my position as director and chairman of the board, effective October 1, 2013.”

He further stated the board under his chairmanship had instituted best practice corporate governance and laid a solid foundation for sustainable growth of the business.

“We cleaned up the balance sheet, re-engineered the bank’s processes and positioned the now profitable bank for growth,” it further stated.

Prior to his appointment at Enterprise Bank, Onwuka had a successful career in the banking industry where he contributed immensely in the development of the banking industry in the last 20 years and Diamond bank in particular.

Onwuka was appointed the Group Managing Director/CEO of Diamond Bank Plc from May 2005 to February 2011. He led the consolidation and acquisition undertaken by Diamond Bank.

Also, Onwuka’s efforts also helped Diamond Bank to survive the stress test conducted by the banking sector regulators between 2008 and 2009, which led to the regulators’ intervention in some banks as well as the sack of some chief executive officers.