UBA Group appoints Elumelu as Chairman

THE board of United Bank for Africa Plc (UBA), yesterday, announced the appointment of Tony O. Elumelu, as Chairman, succeeding Ambassador Joe Keshi.
Elumelu is currently the Chairman/Chief Executive Officer 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 Transcorp , Nigeria ’s largest listed conglomerate by market capitalisation, as well as UBA.
Elumelu retired as Group Managing Director and Chief Executive Officer 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. The bank now has operations spaning 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, 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 Chairmanships of Tenoil Petroleum & Energy Services Limited and Seadrill Limited.
“ Tony Elumelu ‘s track record at UBA speaks for itself,” said Phillips Oduoza, Group Managing Director/CEO UBA,stressing that “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.”

“Banking in Africa is a dynamic, exciting and an increasingly competitive and challenging industry,” said economic and financial analyst, Bismarck Rewane, Chief Executive of Financial Derivatives.
He added: “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.”
The President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr. Farouk Umar, 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.”
Elumelu, in his comment over the appointment, expressed delight at 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.