UBA Appoints Elumelu As Chairman

By IAfrica
In Nigeria
Aug 26th, 2014

The United Bank of Africa Group has appointed its former chief executive, Tony Elumelu, as its chairman.

This is coming barely a month after Jim Ovia, the former managing director of Zenith Bank, was appointed as the chairman of the bank. 

These appointments are coming on the heels of a proviso on Guidelines for Tenure of Managing Directors of Deposit Money Banks and Related Matters issued by the Central Bank of Nigeria (CBN) in 2010 which stipulated in paragraph four that, “Any person who has served as CEO for the maximum tenure in a bank shall not qualify for appointment in his former bank or subsidiaries in any capacity until after a period of three years after the expiration of his tenure as CEO.”

Both of them retired from their respective banks in 2010.

Elumelu, who served as the chief executive of UBA for 13 year and retired from the bank following the Central Bank of Nigeria’s policy on tenure, succeeds Ambassador Joe Keshi.

He is currently the chairman and chief executive of Heirs Holdings, a pan-African proprietary investment company which he founded in 2010 and has stakes in a number of African businesses, including Transnational Corporation of Nigeria Plc (Transcorp).

Commenting on the Elumelu”s appointment to chair the board of the bank, UBA’s group chief executive, Philips Odozua, said, “Elumelu’s track record at UBA speaks for itself. 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 of our development.”

Bismarck Rewane, chief executive of Financial Derivatives Company Limited, while commenting on the appointment noted that, “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.”

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