UBA Group appoints Elumelu as chairman

August 27, 2014
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Elumelu is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, which he founded in 2010/FILE
Elumelu is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, which he founded in 2010/FILE
LAGOS, Nigeria, Aug 27 – The board of United Bank for Africa Plc (UBA) has announced the appointment of Tony O. Elumelu as chairman, succeeding Ambassador Joe Keshi.

Elumelu is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, which he founded in 2010 and which holds stakes in a number of leading African businesses, including Nigeria’s largest conglomerate by market capitalisation, Transcorp, and 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 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, 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 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.

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.

“Tony 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,” said Phillips Oduoza, Group Managing Director/CEO UBA.

With operations in 19 African countries and a 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 three-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.”

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