Why FG handed over UBA to Elumelu again as Chairman

Elumelu

The recent announcement by the Board of United Bank for Africa Plc (UBA) that Mr. Tony O. Elumelu has been appointed chairman did not come as a surprise to many Nigerians, especially keen followers of the financial sector and those aware of Elumelu’s interference in the bank since his forced exit by CBN under Sanusi.

An insider recently squealed to SHOWBIZPLUSng that Elumelu’s second coming as the chairman of UBA was made possible by the Presidency and some powerful forces within the Federal Government, who see him as one of their loyal money bags.

Meanwhile, Elumelu’s appointment also confirmed the speculations going round since last year that he would return to the bank as its chairman or non-executive director this year.

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, Nigeria’s largest listed conglomerate by market capitalisation, as well as UBA.

Elumelu was forced to retire 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.

“It started with Jim Ovia, who was recently returned as Chairman of Zenith Bank, now Elumelu is back as Chairman of UBA, even Aig Aigboje is now going to the Stock Exchange as CEO. Jonathan is just trying to compensate his boys from south south like him who Sanusi dealt with. He is also repositioning them for 2015…”squealed an insider.