The Board of United Bank for Africa Plc announced the appointment of Mr. Tony O. Elumelu as its chairman, succeeding Ambassador Joe Keshi. Elumelu is the Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company founded by him in 2010, which holds stakes in a number of leading African businesses, including Transcorp, as well as UBA. Elumelu retired as the Group Managing Director and CEO of UBA in 2010, following the introduction by the Central Bank of Nigeria (CBN) of 10-year tenure limit for bank CEOs.

He had served as CEO of the UBA Group for 13 years. The chairmanship of UBA will complement Elumelu's existing positions with other Heirs Holdings' portfolio businesses, including the chairmanship of Tenoil Petroleum & Energy Services Limited and Seadrill Limited.