Elumelu reflects on UBA legacy, backs Emmanuel Nnorom as successor

Business, Corporate Affairs

LAGOS, Nigeria (NPA) — Chairman of Heirs Holdings, Mr Tony Elumelu, has described his tenure as Chairman of the United Bank for Africa (UBA) as a mission to build an enduring African institution capable of driving economic growth across the continent.

In a farewell statement published on his blog on Monday, titled “Celebrating an African Institution: My Farewell from UBA – Why Create an Institution?”, Elumelu said he would conclude his tenure as Chairman of the UBA Group Board on August 21, 2026, after 12 years in the role and decades of association with the bank.

He said his vision was to build a financial institution that would outlive individuals while connecting Africa to itself and the rest of the world.

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“My objective was to build an institution that would outlive individuals, one capable of connecting Africa to itself and the world, creating opportunities for businesses, empowering entrepreneurs, supporting governments, rewarding shareholders and transforming lives,” he said.

According to Elumelu, Africa’s greatest challenge is not a shortage of talented people but the absence of institutions capable of enduring beyond individual leaders.

“I have never been able to look at Africa and see only borders. Where many see 54 separate markets, I saw one continent, one destiny.

“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men,” he said.

Elumelu noted that under his leadership, UBA evolved from a Nigerian bank into what he described as “Africa’s global bank.”

Today, he said, the bank serves more than 50 million customers, operates in 20 African countries and across four continents, while supporting trade, investment and economic development across the continent.

He attributed the bank’s growth to the contributions of its management, employees, shareholders, regulators, customers and business partners.

Elumelu also announced Mr Emmanuel N. Nnorom as his successor, expressing confidence in his ability to provide strategic leadership and continuity.

“I have every confidence in his ability to lead the Bank. His experience, leadership and deep understanding of our institution will provide the continuity and strategic direction needed to build on the strong foundation we have established,” he said.

Reflecting on his broader vision for Africa, Elumelu said his commitment to the philosophy of Africapitalism remains unwavering.

He said that through Heirs Holdings and the Tony Elumelu Foundation, he would continue investing in entrepreneurship and critical sectors, including financial services, energy, healthcare, hospitality and technology.

“I have given my life to Africapitalism — the conviction that the African private sector, through long-term investment, can create not only economic prosperity but social wealth.

“As I close this chapter at UBA, I do so not with nostalgia, but with excitement for the future of UBA, the future of African enterprise and the limitless opportunities that lie ahead for our continent,” he said.