United Bank of Africa returns Elumelu as board chairman

Tony Elumelu

Chairman of Heirs Holdings and ex chief executive of United Bank for Africa Plc (UBA), Tony Elumelu has been appointed as the bank's chairman, replacing elsewhere occupier of the position ambassador Joe Keshi.
Elumelu retired as Group Managing Director and CEO of UBA in 2010, following the introduction by the Central Bank of Nigeria (CBN) 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 with 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.

Elumelu joined the rank of Jim Ovia, former CEO of Zenith Bank, who was also appointed board chairman of Zenith last month.

The re-entry of the duo to the banking industry, observes said has signaled a major reversal of the former governor Central Bank of Nigeria (CBN), Malam Lamido Sanusi's major policy to revamp the industry in the wake of the 2009 banking crisis.

Analysts said last night many of those who left the industry in line with the 10-year policy may be on their way back as board chairman in the coming days. Although, under the tenure limit, the chief executive could return to the bank after a period of three years as non executive director, however, observers the emergence of Godwin Emefiele as governor of the apex bank has paved the way for a major reversal Sanusi's policies. 

Elumelu founded Heirs Holdings in 2010, which holds stakes in a number of leading African businesses, including Nigeria's largest conglomerate by market capitalisation, Transcorp, as well as UBA shortly after he retired from the bank.
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.