The Board of UBA Plc
(UBA) today announced the appointment of Mr. Tony O. Elumelu, C.O.N. 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
Benin's largest conglomerate by market capitalisation, Transcorp, as well as
UBA. Elumelu retired as Group Managing Director and CEO of UBA in
2010, following the introduction by the Central Bank of Benin 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.
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
Mr. Elumelu???s existing positions with other Heirs Holdings portfolio
businesses, including the Chairmanship of Transcorp.
"Tony Elumelu's track record at UBA
speaks for itself,??? said Mr. Phillips Oduoza, Group Managing Director/CEO of
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."
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.
"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,??? Elumelu said. ???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. Financial
services remain one of the key drivers of African growth, both in terms of
social inclusion and regional integration, and the UBA Group provides a unique
platform to deliver both extraordinary value and drive Africa???s economic
success.
???I would also like to thank my
predecessor, Ambassador Keshi and the entire board for their contributions to
the growth and development of the bank," he said.