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Analysts said Mrs Osibodu leveraged her hands-on experience in business turnaround to return Union Bank to its pride of place as one of Nigeria’s most formidable financial institutions. Osibodu was the Managing Director of MBC International Bank and Ecobank Nigeria Plc and later joined the board of the Ecobank Transnational Incorporated (ETI). She came to notice when there was a shake-up in the Nigerian banking industry when five bank CEOs were dismissed on 13 August 2009, and five replacements were named by the Central Bank of Nigeria. She was chosen to lead the Union Bank of Nigeria replacing Bartholomew Bassey Ebong. Others replaced on the same day included the CEO of FinBank who was replaced by Suzanne Iroche. Ebong was sacked for giving collateral-free multibillion-dollar loans to speculators that included Peter Ololo. According to the global jury of experts constituted by FT, she was chosen in recognition of her achievements at Union Bank. The jury said: “Osibodu was responsible for strengthening the management of the bank, improving discipline and ensuring transparency.” The industry is still watching her next move with keen interest. No doubt she will be courted by boards of leading companies to serve in an advisory capacity.
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Exploits with Union Bank Union Bank under Osibodu survived its most challenging era in history, coming after a debt crisis and corporate governance issues, which brought the Nigerian banking industry close to collapse in 2009. This had prompted the Central Bank of Nigeria (CBN) to fire the former management of Union Bank alongside those of the other seven banks. Osibodu was appointed the MD/CEO in 2009. She led the bank’s turnaround – assets recovery, recapitalization, rebranding and restored customers’ and investors’ confidence in the organisation. Mrs Osibodu led a process that for the first time in the history of Nigeria culminated in the largest international consortium of foreign investors investing $500 million in a Nigerian bank, and in Nigeria despite the world economic crisis. Analysts attributed the investments by the core investors to the bright prospects of the bank as inspired by the Osibodu-led management. Union Bank is the only bank out of the eight intervened banks that is able to retain its stand-alone status and name. Osibodu was praised for the transparency and discipline that she introduced at the Union Bank of Nigeria. She was placed at position 47 on a list of the world’s most powerful businesswomen by the Financial Times in 2011. She was the only African woman to make the list. She stood down from her position as CEO of the Union Bank at the end of 2012. Current Ventures After she left the bank she entered the power industry as the CEO of the Benin Electricity Distribution Company for Benin City in Nigeria where her husband, Victor, is the Chairman. BEDC Electricity Plc (BEDC) is one of the successor distribution companies (DisCos) created following the unbundling and privatization of the state-owned Power Utility, Power Holding Company of Nigeria Plc. Reference Bedcpower Guardian NG Proshare NG Featured Image Source: Alchetron
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