Tony Elumelu Appointed Chairman, UBA Plc

The board of the United Bank for Africa Plc (UBA) on Monday announced the appointment of Mr. Tony Elumelu as chairman.

Elumelu take over from Ambassador Joe Keshi. Elumelu retired as the UBA group managing director in 2010 following a policy by the Central Bank of Nigeria (CBN) pegging a 10-year tenure for bank CEOs.

“Tony Elumelu’s track record at UBA speaks for itself,” said Mr. Phillips Oduoza, group managing director and CEO of UBA, in a statement issued on Monday. “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.”

Elumelu said he was looking forward to his return 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.

Elumelu is the chairman/CEO of Heirs Holdings, the pan-African proprietary investment company he founded 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.

Former CEO of Zenith Bank Plc, Mr. Jim Ovia, has also returned as the chairman of the bank four years after his retirement.