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Elumelu back at UBA as chairman

26 August 2014, 09:18

Lagos - The Board of United Bank for Africa Plc (UBA) has announced the appointment of its former Group Managing Director, Tony Elumelu, as Chairman.

Elumelu, who had served as CEO of the UBA Group for 13 years and retired in 2010, will succeed Ambassador Joe Keshi.

Elumelu is currently the Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, he founded in 2010. It holds stakes in a number of leading African businesses, including Nigeria's largest conglomerate by market capitalisation, Transcorp, as well as UBA.

He will now be required complement his chairmanship position in Heirs Holdings Portfolio businesses including the Chairmanship of Transcorp with that of UBA.

Also Read: Banks to cut dividend payout

Speaking on the appointment, Group MD/CEO of UBA, Phillip Oduoza said his bank was glad to have Elumelu back.

"Tony 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 in our development," he said.

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.

Also Read: NSE market capitalisation dips by N90bn

Reacting to his appointment, Elumelu said, "I am very much looking forward to returning 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."

He said financial services remained one of the key drivers of African growth, both in terms of social inclusion and regional integration.

"The UBA Group provides a unique platform to deliver both extraordinary value and drive Africa’s economic success," said Elumelu.

- CAJ News

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