United Bank for Africa (UBA) chief executive officer (CEO) Isaac Mwige has resigned, and his place taken by a regional executive Emeke Iweriebor in an acting capacity.
The news were shared through a statement to newsrooms, stating that Mwige had stepped down to pursue “other career interests”.
“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: Why Placing Deacons Under Administration Could Sink It, Never To Recover
Mwige has headed the bank for four years, since 2014, when he was appointed as the first Kenyan at the helm of the Nigerian headquartered lender.
Mwige’s resignation took effect on November 21, but he will stay until the end of the year when he will hand over to Iweriebor.
Despite making Ksh20.5 million in half year profits, the bank has suffered from bad debts amounting to Ksh866 million to four companies that have been placed under administration.
Cash strapped 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.
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