Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Elumelu is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, which he founded in 2010/FILE

Top Story

UBA Group appoints Elumelu as chairman

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.

Advertisement. Scroll to continue reading.

“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.”

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...