His appointment confirmed THISDAY’s exclusive story last year that he
would return to the bank as its chairman or non-executive director this
year.
Elumelu is the Chairman/CEO of Heirs Holdings, the pan-African
proprietary investment company founded by him in 2010, 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 the Group Managing Director and CEO of UBA in 2010,
following the introduction by the Central Bank of Nigeria (CBN) of
10-year tenure limit 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 has 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 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
chairmanship 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 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.
“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.”
“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.
“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,” Elumelu said.
“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,” Elumelu said.
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