The former group managing director and chief executive officer, CEO, of UBA has been appointed by the bank’s board to succeed Joe Keshi as chairman.

Elumelu retired from the UBA as CEO in 2010 after the Central Bank of Nigeria, CBN, announced a ten – year limit for chief executives banks in the country.

Before his retirement, Elumelu had spent 13 years as the chief executive of the UBA group and helped shape the bank’s positioning as one of the leading financial institutions in the country.

Elumelu is also chairman/CEO of Heirs Holdings, founded by him in 2010 and which has stakes in Transcorp, UBA and other businesses.  He is also chairman Tenoil Petroleum & Energy Services Limited and Seadrill Limited and his business interests straddle several sectors of the economy including banking and financial services, oil and gas, power, real estate, hospitality and agriculture.

The seasoned banker is founder of the Tony Elumelu Foundation, a pan – Africa philanthropic body devoted to the promotion of entrepreneurship on the continent.

Of Elumelu’s return, the group managing director and CEO of UBA, Phillips Oduoza, said: “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.”

Elumelu too is excited about returning to the familiar turf of banking, particularly the UBA family.

Said he: “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.”