Tony Elumelu's Next Steps After UBA: Focus on Africa's Industrial Future

Tony O Elumelu will step down as Group Chairman of United Bank for Africa (UBA) on 21 August. This marks the end of an important era in modern African banking. He is retiring after serving the maximum 12 years allowed for non-executive directors by the Central Bank of Nigeria (CBN). Elumelu has made a significant impact on African business. But instead of leaving the economic scene, he is shifting his focus to key areas that will drive Africa's next industrial revolution: energy security, power infrastructure, and cross-border industrialisation.

Elumelu’s time at UBA has been marked by tremendous growth. When he took over as chairman in 2014, he had a vision to turn UBA into Africa’s Global Bank. Under his leadership, the bank expanded to 20 African countries and opened branches in major financial cities like New York, London, Paris, and Dubai. The bank’s assets grew to over ₦33 trillion, serving more than 50 million customers around the world. Most importantly, he established Africapitalism, which promotes the idea that Africa’s private sector should lead in driving long-term economic growth and social change.

Many people in the industry wonder how UBA and the banking scene will change without Elumelu's strong presence. His personality, sharp decision-making, and global advocacy have been key. Yet, he has ensured that UBA is strong enough to thrive without him. Emmanuel N Nnorom, a seasoned chartered accountant with over 40 years of experience in banking and corporate restructuring, will take over as Group Chairman. This choice shows a clear plan for succession. Nnorom’s experience as a former executive and director at UBA and Transcorp will help keep the bank stable and focused on its goals.

Now free from the limits of commercial banking, Elumelu will focus his investments and skills on solving Africa’s biggest challenges: energy, power, and infrastructure. His investment company, Heirs Holdings, is expanding in these areas. The main focus will be on the energy sector, especially after acquiring a 20 percent stake in Seplat Energy. Elumelu will become Chairman of Seplat Energy on 1 January 2027. This role puts him in charge of one of Africa’s leading energy producers. With Seplat’s recent purchase of ExxonMobil’s shallow-water assets and the launch of the ANOH Gas Processing project, Elumelu will lead a powerful company that aims to solve Nigeria's gas supply issues and boost exports.

At the same time, he will continue to lead Transcorp Group, which is changing the power sector. Transcorp Power and TransAfam Power provide a large share of Nigeria’s electricity, supporting businesses and cities. When you consider Transcorp Hotels and healthcare projects under Heirs Holdings, Elumelu’s work covers many areas of the economy.

As he starts this new chapter after UBA, Elumelu’s main focus should be the Gas-to-Power Industrialisation Corridor. Energy poverty is a big hurdle for Africa’s growth. By combining Heirs Energies’ gas resources, Seplat’s production strength, and Transcorp’s power generation, he can create an energy chain that tackles the continent’s power shortage. This could improve manufacturing, boost regional trade, and create millions of jobs.

Alongside his business goals, Elumelu will also focus on the Tony Elumelu Foundation (TEF). The foundation aims to support thousands of young African entrepreneurs who are key to the continent’s economic future.

Tony Elumelu leaves UBA at a high point, having changed the story of African banking. As he moves into this new role in industrial leadership and philanthropy, the global business community recognizes his achievements and looks forward to the great things he will accomplish next.

I wish him good health, bold vision, and great success as he shapes Africa’s economic future.