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Tag: Tony Elumelu

  • Tony Elumelu to Step Down as UBA Chairman as Emmanuel Nnorom Takes Over

    Tony Elumelu will retire as Group Chairman of United Bank for Africa on August 21, 2026, after reaching the 12-year tenure limit for non-executive directors set by the Central Bank of Nigeria.

    The announcement was made by UBA on Monday, confirming that the transition is part of the bank’s compliance with the CBN’s corporate governance guidelines.

    Nnorom named successor

    The bank also announced the appointment of Emmanuel N. Nnorom as the new Group Chairman, effective immediately after Elumelu’s retirement.

    Nnorom is an experienced banker and long-serving Non-Executive Director of UBA. He previously served as the bank’s Group Chief Operating Officer and Group Chief Financial Officer and currently holds the position of Group Chief Executive Officer of Heirs Holdings.

    End of an era at UBA

    Elumelu has been one of the driving forces behind UBA’s transformation into one of Africa’s leading financial institutions.

    Under his leadership, the bank expanded its operations across 20 African countries and established a presence in global financial centres, including the United Kingdom, France, the United Arab Emirates and the United States. UBA now serves more than 50 million customers across its markets.

    His leadership also focused on digital banking, financial inclusion and pan-African expansion.

    Beyond banking

    Outside UBA, Elumelu is widely recognised for promoting his Africapitalism philosophy, which advocates private sector-led development across Africa.

    Through the Tony Elumelu Foundation, he has supported thousands of entrepreneurs across the continent.

    Reports also indicate that Elumelu is expected to assume the role of Chairman of Seplat Energy from January 1, 2027.

    The leadership transition is expected to ensure continuity at UBA as the bank begins a new chapter under Nnorom’s chairmanship.

  • Family Begs Elumelu to Drop Complaint After Arrest of 18-Year-Old Over Viral Divorce Post

    The family of an 18-year-old UTME candidate, Kingsley Akunemeihe, has appealed to businessman Tony Elumelu to withdraw a complaint that led to the teenager’s arrest over a viral post claiming Elumelu had divorced his wife.

    The incident has sparked concern over the arrest of the student shortly after writing his JAMB exam.

    Teen arrested after exam

    Kingsley was reportedly arrested on April 18 while returning from his Unified Tertiary Matriculation Examination.

    His sister, Ngozi Akunemeihe, said he was taken into custody and has remained detained at the State Criminal Investigation Department for over a week.

    “He was coming back from his JAMB exam when he was arrested and never got home,” she said.

    Family claims post was reshared

    According to Ngozi, the controversial post did not originate from her brother.

    She explained that he only reshared it from another account on X, believing it to be true at the time.

    After being alerted that the claim was false and defamatory, she said he deleted the post and issued a public apology.

    “He realised it was wrong and apologised. The apology is still on his handle,” she said.

    Appeal for leniency

    The family said the teenager was arrested about 10 days after the incident despite his apology.

    Ngozi pleaded with Elumelu to consider her brother’s age and show mercy.

    “He is just 18… a teenager who acted out of ignorance. I am begging you to withdraw the complaint so that he can come back home,” she said.

    Growing concerns

    The case has raised questions about the treatment of young social media users and the consequences of sharing unverified information online.

    As of the time of filing this report, there has been no official response from Tony Elumelu regarding the family’s appeal.

  • Dangote Named in TIME100 2026 as Elumelu Praises “Indefatigable” African Billionaire

    Africa’s richest man, Aliko Dangote, has been named among TIME Magazine’s 100 Most Influential People in the World for 2026, marking his second appearance on the global list and reinforcing his position as one of Africa’s most prominent business figures.

    What happened

    TIME released the 2026 TIME100 list on Wednesday, recognising individuals shaping global conversations across business, politics, technology, and culture.

    Dangote, the only Nigerian on the list, was featured in the “Titans” category alongside top global figures including Sundar Pichai, Neal Mohan, and Ralph Lauren.

    This marks his second appearance after his first recognition in 2014.

    Global names on the list

    The 2026 TIME100 list includes world leaders such as US President Donald Trump, Chinese President Xi Jinping, Israeli Prime Minister Benjamin Netanyahu, and Canadian Prime Minister Mark Carney.

    Others recognised include Pope Leo XIV and leading figures in business and technology.

    Elumelu reacts

    Chairman of Heirs Holdings and United Bank for Africa, Tony Elumelu, who wrote Dangote’s profile for TIME, described him as “indefatigable, resilient, and foresighted.”

    According to Elumelu, Dangote’s investments across cement, sugar, and oil demonstrate Africa’s capacity for industrial growth using local resources.

    He pointed to the Dangote Refinery as a major milestone for Nigeria’s economy and Africa’s industrial future.

    “He has inspired a generation of entrepreneurs… and can always be counted on to return a phone call,” Elumelu said.

    “A great man, creating a great legacy,” he added.

    Background

    Dangote’s business empire spans multiple sectors across Africa, making him a central figure in conversations around industrialisation and economic development.

    His continued inclusion on the TIME100 list highlights his global influence and impact on African enterprise.

    How TIME selects its list

    TIME editor-in-chief Sam Jacobs said the selection is based on individuals shaping the world through their actions and ideas.

    “Our selections are led by the stories that are shaping the world each year and the people who write them,” he said.

    He added that the TIME100 continues to expand into key areas such as artificial intelligence, climate, health, and digital innovation.

    What it means

    Dangote’s recognition further places Nigeria on the global map of influential business leaders, while underlining Africa’s growing role in shaping the future of the global economy.