The Board of United Bank for Africa Plc, UBA, yesterday named Mr. Tony O. Elumelu, CON, as Chairman to succeed Ambassador Joe Keshi. Mr. Elumelu until this new appointment is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, founded by him in 2010.
Elumelu retired as Group Managing Director/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 providing services to more than 10 million customers, across the continent and in London, Paris and New York.
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 Limited.
“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 return.
“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 said.
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 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,” said Elumelu.