Union Bank of Nigeria Plc announced group managing director and chief executive officer (CEO) of Mrs. Funke Osibodu, is to step down following a reorganization of the board and management of the company by the core investors, Union Global Partners Limited, in agreement with the Asset Management Corporation of Nigeria (AMCON). Osibodu would be replaced by Mr. Emeka Emuwa, who is currently the Managing Director of Citibank Nigeria Limited. Osibodu was appointed on August 14, 2009.