UBA Group Appoints Tony Elumelu as Chairman
The Board of United Bank for Africa Plc (UBA) has announced the
appointment of Mr. Tony O. Elumelu, C.O.N. as Chairman, succeeding
Ambassador Joe Keshi.
Mr. Elumelu is Chairman/CEO of Heirs Holdings, the pan-African proprietary
investment company, founded by Mr. Elumelu in 2010, which holds stakes in
a number of leading African businesses, including Transcorp, Nigeria's
largest listed conglomerate by market capitalization, as well as UBA.
Elumelu 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, a
financial services institution that built a reputation for innovation and
the democratisation of banking services and now spans Africa, providing
services to more than 10 million customers, across the continent and in
London, Paris and New York.
Widely regarded as one of the most influential business leaders 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, including 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 philanthropy, Mr.
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
The Chairmanship of UBA will complement Mr. Elumelu's existing positions
with other Heirs Holdings' portfolio businesses, including the
Chairmanships of Tenoil Petroleum & Energy Services Limited and Seadrill
“Tony Elumelu's track record at UBA speaks for itself,” said Mr. Phillips
Oduoza, Group Managing Director/CEO UBA. “His return to the Board brings a
depth of knowledge and experience in 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.”
Analysts and leaders of shareholder groups also welcomed Mr. Elumelu's
“Banking in Africa is a dynamic, exciting and an increasingly competitive
and challenging industry,” said economic and financial analyst, Mr.
Bismarck Rewane, Chief Executive of Financial Derivatives. “Tony is
visionary, courageous and has shown an ability to both, think for the long
term, and to create significant shareholder value. The drive, dynamism and
competitiveness that we saw during his period as CEO of UBA, was one of
the catalysts of the enormous changes in the Nigerian banking sector,” he
Dr. Farouk Umar, President, Association for the Advancement of Rights of
Nigerian Shareholders (AARNS) said, “We are delighted with this
appointment. It bodes well for UBA and the banking industry, now and in
the future. Elumelu is a transformer and value creator for shareholders.
We are excited about his return.”
With operations in 19 African countries and presence in New York, London
and Paris, UBA is one of the largest financial services institutions in
Africa. 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.
“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,” Mr. Elumelu said.
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