Four years after he was forced to retire as group managing director of UBA Plc, Tony Elumelu has returned to the bank as chairman.
Elumelu retired as Group Managing Director and CEO of UBA in 2010 following the introduction by the Central Bank of Nigeria (CBN) of ten-year tenure limits for bank CEOs.
He had served as the chief executive of the group for 13 years and was responsible for the creation of the present UBA, a financial services institution that has built a reputation for itself rendering services to more than ten million customers across the continent and beyond.
Elumelu has joined the likes of Jim Ovia, former CEO of Zenith Bank, who was affected by the same policy but came back to the bank as its chairman on July 16, 2014.
Elumelu is expected to bring his wealth of experience, including being one of the most influential leaders and entrpreneurs to bear on the bank and take it to greater heights.
He is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, which he founded in 2010, with stakes in a number of leading African businesses, including Transcorp, Nigeria’s largest listed conglomerate by market capitalisation, as well as UBA.
The chairmanship of UBA will complement his existing positions with other Heirs Holdings’ portfolio businesses, including the chairmanships of Tenoil Petroleum & Energy Services Limited and Seadrill Limited.
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, he has always been 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.
Phillips Oduoza, Group Managing Director/CEO UBA said, “Tony Elumelu’s track record at UBA speaks for itself. 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.”
Bismarck Rewane, Chief Executive of Financial Derivatives said, “Banking in Africa is a dynamic, exciting and an increasingly competitive and challenging industry.
“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,” Rewane added.
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.”