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TONY ELUMELU BECOMES UBA GROUP CHAIRMAN

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The Board of United
Bank for Africa Plc (UBA) Monday announced the appointment of Mr. Tony O.
Elumelu as Chairman, succeeding Ambassador Joe Keshi. The announcement was made
in a statement signed by the Divisional Head, Marketing and Corporate
Relations, UBA Plc, Charles Aigbe.
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 capitalisation, as well as UBA.
Elumelu retired as
Group Managing Director and CEO of UBA in 2010, following the introduction by
the Central Bank of Nigeria 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 that 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 Chairmanships of Tenoil Petroleum &
Energy Services Limited and Seadrill Limited.
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