The bank made the announcement in a statement on Monday.
According to the bank, the appointment takes effect from August 1, 2022, subject to approval by the Central Bank of Nigeria (CBN).
Alawuba joined the UBA in 1997 and has held a series of senior positions, including the chief executive officer of UBA Ghana.
He was also the chief executive officer of UBA Africa, prior to the appointment.
In the new role, Alawuba will oversee all the group’s banking operations across its twenty African country network and globally in the United Kingdom, the United States of America, France, and the United Arab Emirates.
Speaking on the appointment, Tony Elumelu, UBA’s group chairman, said he is confident of Alawuba’s appointment.
“I am very pleased to announce Oliver Alawuba as the new group managing director of the UBA Group. Oliver has extensive experience in Nigeria and our African network and is well equipped to advance our pan-African and global strategy,” he said.
“I have no doubt that Oliver will build on the legacy of Kennedy Uzoka, who has exemplified transformational leadership by championing a customer-first philosophy; launching our twentieth operation in Africa, UBA Mali; acquiring a wholesale banking licence for UBA UK in the United Kingdom; and opening our fourth global operation, UBA Dubai, in the United Arab Emirates.”
On his part, Alawuba, who expressed his commitment to the new role, thanked the board members for the confidence reposed in him to lead the company.
“I am grateful for the opportunity to lead this great institution and would like to thank the UBA group chairman and the members of the board of directors for the confidence they have put in me to deliver the mandate,” he said.
Meanwhile, the financial institution also announced Muyiwa Akinyemi as the deputy managing director.
According to the statement, Muyiwa joined the firm in 1998 as a senior banking officer in UBA’s energy bank and has served the group in Nigeria and its broader Africa network for twenty-four years.
Other executives UBA also appointed include Sola Yomi-Ajayi, executive director, treasury and international banking; Ugochukwu Nwagodoh, executive director, finance and risk management; Alex Alozie, executive director and group chief operating officer; and Emem Usoro, executive director, North Bank.
In addition, the bank further announced the retirement of some executive directors, who may choose to continue to serve the broader group upon regulatory approval of a holding company structure.
The retired executives include; Kennedy Uzoka, former GMD; Uche Ike, Chukwuma Nweke, Ibrahim Puri, and Chiugo Ndubisi.
For non-executive directors, Joe Keshi, OON, who served as vice-chairman of the board, also retired on August 1, 2022, after completing his 12-year tenure.
Elumelu, while acknowledging their exemplary records, congratulated the retiring directors on the completion of their tenures.