The Board of United Bank for Africa Plc (UBA) yesterday announced the appointment of Mr. Tony O. Elumelu, as Chairman, succeeding Ambassador Joe Keshi.
Mr. Elumelu is 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 capitalization, as well as UBA.
He retired as Group Managing Director and CEO of UBA in 2010, following the introduction of 10-year tenure limits for bank CEOs by CBN after serving as CEO of the UBA Group for 13 years.
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, the new UBA chairman 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.
His chairmanship of UBA will complement Mr. Elumelu’s existing positions in others Heirs Holdings’ portfolio businesses, 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.
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 3-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.

UBA Group appoints Tony Elumelu as Chairman