My UBA Story

Days after leaving the United Bank for Africa as the Group Managing Director, Mr. Tony Elumelu has advanced his entrepreneurial vocation and passion by setting up Heirs Holdings and the Tony Elumelu Foundation. At the send-off held for him at the weekend in Lagos, prominent Nigerians, including former President Olusegun Obasanjo, ministers, governors, businessmen, bankers, politicians and opinion leaders spoke glowingly of Elumelu.

Yesterday, Elumelu sent a letter to selected friends intimating them of his future plans and what he intends doing to contribute to the growth of the African economy.

He said, in the letter: “I retired as the Group Managing Director and Chief Executive Officer of the United Bank for Africa Plc on July 31, 2010, after 13 years as the CEO of the Group.

“It has been an extremely fulfilling career, made possible not least by the support and goodwill of important supporters and friends like you. For this, I wanted to thank you personally.

The UBA story has been one that I look back on with considerable pride. We have created significant shareholder value; established an institution that is genuinely Pan African in reach and mentality; and which has become a real force for economic empowerment across Africa, a goal which has been and continues to be extremely important to me.

“Mr. Phillips Oduoza succeeds me as the GMD/CEO of UBA Plc. Phillips, who until his appointment was the Deputy Managing Director, UBA South Bank, holds a 1st Class degree in Civil Engineering and an MBA in Finance from the University of Lagos.

“An alumnus of the Advanced Management Programme of Harvard Business School, he has over 20 years banking experience. Having worked closely with Phillips for close to a decade, I am extremely confident that he and our other Executives will continue to drive UBA’s growth trajectory.

“I would ask you, to extend to him, the same support and friendship that I enjoyed from you over the years.

“Looking forward, I am pleased to inform you that I shall be advancing my entrepreneurial vocation and passion for philanthopy, through respectively Heirs Holdings and the Tony Elumelu Foundation.

Heirs Holdings

“Heirs Holdings is a dedicated investment vehicle, focusing on principal investments in a variety of sectors across Africa. Our investment universe extends from start-up ventures to established high growth companies.

“Heirs Holdings’ investment philosophy is predicated on the belief that Africa offers some of the most enticing investment opportunities available globally. The business builds on our principals’ considerable track record of value creation in Africa, working with a lean operating approach and the highest possible standards of corporate governance in implementation.

“Our geographical focus is the entire African Continent. Our sector focus is primarily orientated towards the financial services, real estate and energy sectors. However, we will look at investment across all sectors, wherever we believe we can create superior value.

“More details about the business may be accessed via

The Tony Elumelu Foundation

“The Foundation is an independent, not-for-profit institution, dedicated to the promotion and celebration of excellence in business management, entrepreneurship and leadership across Africa.

“The Foundation’s central objective is the application of business leadership skills knowledge to a specifically African context.

“More details about the Foundation may be found at

“We will formally be launching the Foundation in October – it is a project I am extremely excited about and one which we want to have a strong focus and impact”.

share this