Emeke Iweriebor Named UBA Bank CEO After Resignation Of Isaac Mwige

Emeke Iweriebor is the new United Bank for Africa (UBA) CEO after the resignation of Isaac Mwige who has been at the helm for four years.

Iweriebor was appointed in an acting capacity, according to a statement sent to newsrooms.

“UBA wishes to announce the resignation of its chief executive officer, Mr Isaac Mwige, who has stepped down from his position to pursue other career interests,” read the statement in part.

Read: Former Sanlam CEO Mugo Kibati Appointed Telkom CEO

Mr Mwige was the first Kenyan to head the Nigeria-based lender when he was appointed in August 2014.

Mr Mwige’s resignation was effective Wednesday but he will stay on until the end of December when he will hand over to the acting CEO.

Mwige leaves behind a burden of bad debt amounting to Ksh866 million lend four companies that have been placed under administration.

The companies include Athi River Mining Company (ARM) owes UBA over Ksh345 million while bed-trodden Nakumatt Supermarket owes the lender Ksh250 million. Struggling Uchumi has defaulted a Ksh172 million loan from UBA while Deacons East Africa has a debt of Ksh98.8 million owed to UBA.

It is thought that the bad debts could have led to a forced exit of Mwige, which was painted to look like a voluntary exit.