Elumelu Returns as UBA Chairman


About four years after retiring as the group managing director of the United Bank for Africa, UBA, Tony Elumelu, has been appointed as the chairman of the bank

By Anayo Ezugwu  |  Sep. 1, 2014 @ 01:00 GMT

IN recognition of his selfless service to humanity, the board of United Bank for Africa, UBA, on Monday, August 25, announced the appointment of Tony Elumelu, as its chairman. Phillips Oduoza, group managing director, UBA, who made the announcement said Elumelu’s track record at UBA speaks for itself. “His return to the Board brings a depth of knowledge and experience of the African financial services industry that is second to none. We are privileged to have him lead the Board at this critical stage in our development,” he said.

Elumelu said on Monday when he visited the Nigerian Stock Exchange, NSE, to ring the closing bell that he would bring his experience to bear on leading the group forward. “I am very much looking forward to returning to the Group. UBA represents a tremendous investment opportunity, and is at an inflection point in its growth path. We have an extremely powerful executive team and I am looking forward to bringing my experience and energy to guide UBA’s long term strategy.  Financial services remain one of the key drivers of African growth, both in terms of social inclusion and regional integration, and the UBA Group provides a unique platform to deliver both extraordinary value and drive Africa’s economic success. I would also like to thank my predecessor, Ambassador Keshi and the entire board for their contributions to the growth and development of the bank,” he said.

Elumelu is the chairman, Heirs Holdings, the pan-African proprietary investment company, which he founded in 2010. The company holds stakes in a number of leading African businesses, including Nigeria’s largest conglomerate by market capitalisation, Transcorp, and UBA.  He retired as group managing director and CEO of UBA in 2010, following the introduction by the Central Bank of Nigeria of 10 year tenure limits for bank CEOs.

He had served as CEO of the UBA Group for 13 years, where he was responsible for the creation of today’s UBA as a financial services institution that built a reputation for innovation and the democratisation of banking services. The bank now spans across Africa, providing services to more than 10 million customers across the continent and in London, Paris and New York. The Bank recently unveiled its Project Alpha, a 3-year road map of key transformation initiatives, designed to consolidate the Group’s strategic positioning and fully exploit the opportunities provided by Africa’s economic renaissance and the UBA Group’s unique platform.

Widely regarded as one of the leading business figures in Africa, Elumelu has developed a reputation for identifying value and bringing a long term investment orientation and discipline to sectors critical to Africa’s development. These sectors include financial services, power, oil and gas, agribusiness, real estate and hospitality.

As the founder of the Tony Elumelu Foundation, an Africa-based and African-funded philanthropic institution, Elumelu is committed to the promotion of entrepreneurship in Africa, based on his championing of Africapitalism, the philosophy that the African private sector is the critical enabler of the continent’s economic and social transformation.

In 2013, Elumelu received the Leadership Award in Business and Philanthropy from the Africa-America Institute Awards. He was also named African Business Icon at the 2013 African Business Awards. Presently he serves as a member of the Global Advisory Board of the United Nations Sustainable Energy for All Initiative, SE4ALL, and USAID’s Private Capital Group for Africa Partners Forum.  The chairmanship of UBA will complement Elumelu’s existing positions with other Heirs Holdings’ portfolio businesses, including the chairmanship of Transcorp, Nigeria’s largest listed conglomerate by market capitalisation.


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