Udoma Udo Udoma

Udoma attended Corona School, Ikoyi, Lagos from 1962–64 and Nakasoro Primary School, Kampala, Uganda from 1964–65. He attended King's College, Lagos for his secondary education from 1966 to 1972 and after his A levels proceeded to St. Catherine's College, Oxford, England where he obtained a B.A. (Law) degree in 1976 and a B.C.L. degree in jurisprudence in 1977. He was called to the Nigerian Bar Association in 1978, after obtaining a B.L. degree at the Nigerian Law School.[2]

He was elected Senator for the Akwa-Ibom South constituency of Akwa-Ibom State, Nigeria at the start of the Nigerian Fourth Republic, running on the People's Democratic Party (PDP) platform. He took office on 29 May 1999.[3] He was reelected in April 2003, again running on the PDP platform.[4] After taking his seat in the Senate in June 1999, he was appointed to committees on Public Accounts, Judiciary, Banking & Currency, Science & technology, Privatization and Drug & Narcotics (vice chairman).[5]

In February 2010, as chairman of the Governing Board of the Securities and Exchange Commission, Udoma was criticized for retaining the posts of Chairman of UACN, Director of Unilever and Vice Chairman of the Board of Linkage Assurance, publicly traded companies. Udoma declared his interest in these companies before being appointed, and as required by the law excused himself from meetings where issues directly related to these companies were being discussed, but there remained concern that in his position he might exercise undue influence or become involved in a conflict of interests.[6] Udo Udoma in a brazen lack of respect for principles of transparency assisted Union Bank of Nigeria to obtain an illegal five year waiver which allowed them to trade on the Nigeria Stock Exchange even when it was obvious that the Union Bank of Nigeria free float of 15% fell below the limit for listing on stock exchange. Udo Udoma went on to become the CHairman of Union Bank of Nigeria on the completion of this transaction which saw 65% of the shares of former owners of the Union Bank sold to purported "foreign investors" based in Mauritius and Cayman Island. These foreign investors who traded as African Capital Alliance and Union Global Partners Limited under avery suspicious circumstances have come under intense scrutiny by Nigeria's investigation authorities.

On 11 November 2015, Udoma was appointed the Minister of Budget and Planning by President Muhammadu Buhari.