In what observers are analyzing to be a couple of deft business moves, former bank managing directors, who were sidelined by out-gone Central Bank of Nigeria governor, Sanusi Lamido Sanusi are quietly returning to take charge of what many still refer to as “their banks”. Only several weeks back Zenith Bank announced the return to the bank of erstwhile MD, Jim Ovia. And just yesterday United Bank Of Africa, UBA announced the return of banking prodigy, Tony Elumelu, also as chairman of the bank
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Nation Wide News gathered that tongues are actually wagging over the “controversial” development merely on account of the fact that the trio of CBN Governor, Godwin Emefiele, Jim Ovia and Tony Elumelu all hail from the same Delta Ibo axis 0f Delta State. The issue is further complicated by the fact that Emefiele is the newly out-gone MD of Zenith Bank where Ovia has conveniently returned as chairman
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The question most sector analysts are asking is whether these come-backs would have been possible if the new Emir of Kano, Mallam Sanusi had not been forced out of being CBN governor
Elumelu’s appointment was made public on Monday in a statement released by the Bank’s MD/CEO, Phillips Oduoza.
Elumelu, who is the chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, will be replacing the outgoing chairman of the Group, Ambassador Joe Keshi.
According to Oduoza, “Tony Elumelu’s track record at UBA speaks for itself.”
“His return to the board brings a depth of knowledge and experience in the African financial services industry that is second to none. We are privileged to have him lead the Board at this critical stage in our development.”
Elumelu reacted to the announcement saying he was looking forward to returning to the Pan-African Bank which he led until 2010.
“UBA represents a tremendous investment opportunity, and is at an inflection point in its growth path. We have an extremely powerful executive team and I am looking forward to bringing my experience and energy, to guide UBA’s long-term strategy. Financial services remain one of the key drivers of African growth, both in terms of social inclusion and regional integration, and the UBA Group provides a unique platform to deliver both extraordinary value and drive Africa’s economic success.
“I would also like to thank my predecessor, Ambassador Keshi and the entire board for their contributions to the growth and development of the bank,” he said.
