Barely a month after Jim Ovia, the former managing director of Zenith Bank, was appointed as the chairman of the bank, United Bank of Africa Group has also appointed its former chief executive, Tony Elumelu, as its chairman.
These appointments are coming on the heels of a.....
proviso on Guidelines for Tenure of Managing Directors of Deposit Money Banks and Related Matters issued by the Central Bank of Nigeria (CBN) in 2010 which stipulated in paragraph four that, “Any person who has served as CEO for the maximum tenure in a bank shall not qualify for appointment in his former bank or subsidiaries in any capacity until after a period of three years after the expiration of his tenure as CEO.”
Both of them retired from their respective banks in 2010.
Elumelu, who served as the chief executive of UBA for 13 year and retired from the bank following the Central Bank of Nigeria’s policy on tenure, succeeds Ambassador Joe Keshi. He is currently the chairman and chief executive of Heirs Holdings, a pan-African proprietary investment company which he founded in 2010 and has stakes in a number of African businesses, including Transnational Corporation of Nigeria Plc (Transcorp).
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