Tony Elumelu retires as UBA chairman: Full list of companies he owns

Tony Elumelu will step down as Group Chairman of United Bank for Africa (UBA) on August 21, 2026, ending a 15-year tenure that transformed the lender into one of Africa's leading financial institutions. Emmanuel Nnorom, a non-executive director, has been appointed as his successor.

UBA announced the retirement on Monday, July 6, 2026, stating it follows the completion of the mandatory tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).

UBA praises Elumelu's leadership

In a statement, UBA praised the outgoing chairman for his outstanding leadership and lasting impact. 'The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,' the bank said.

While his exit marks the end of an era at UBA, Elumelu remains one of Africa's most influential investors, with interests spanning banking, energy, hospitality, healthcare, insurance, and power generation. Through Heirs Holdings, the family-owned investment company he founded in 2010, he has built a diversified portfolio across more than 20 African countries.

Full list of companies owned by Tony Elumelu

UBA – Although stepping down as chairman, Elumelu remains one of UBA's most influential shareholders. The pan-African lender operates in over 20 African countries as well as the United Kingdom, France, the United Arab Emirates and the United States.

Heirs Holdings – The umbrella investment company manages investments across financial services, energy, real estate, technology, healthcare and hospitality, with a long-term focus on Africa's development.

Transcorp Plc – Elumelu is the chairman and largest shareholder of this conglomerate, which has significant investments in power, hospitality and energy. It is one of Nigeria's most valuable listed firms.

Transcorp Power – A subsidiary of Transcorp, it owns and operates one of Nigeria's largest thermal power plants located in Ughelli, Delta State.

Transafam Power – Another major energy asset under Transcorp, it operates a gas-fired power plant in Rivers State and contributes substantially to Nigeria's national grid.

Heirs Energies – One of Nigeria's leading indigenous oil and gas exploration and production companies. It acquired Oil Mining Lease (OML) 17 in the Niger Delta and has rapidly expanded crude oil and natural gas production.

Transcorp Hotels – Owns the iconic Transcorp Hilton Abuja, one of Nigeria's premier luxury hotels. The company continues to expand into other major cities.

Heirs Insurance, Heirs Life Assurance, and Heirs Insurance Brokers – These provide life and general insurance services to individuals and businesses across Nigeria.

Avon HMO – Through Heirs Holdings, Elumelu has investments in healthcare via this health maintenance organisation offering health insurance solutions.

Seplat Energy – As of late April 2026, Elumelu's investment in Seplat Energy was estimated at between $934 million and $989 million, following a rally in the company's share price on the Nigerian Exchange (NGX).

What this means for Nigerian businesses and the naira

Elumelu's retirement from UBA does not signal a retreat from business. He remains deeply embedded in Nigeria's corporate landscape through his investments in power, oil and gas, and hospitality. His continued focus on these sectors, particularly through Transcorp and Heirs Energies, supports local production and energy generation, which are critical for reducing the country's import bill and easing pressure on the naira. His Tony Elumelu Foundation also continues to empower thousands of young African entrepreneurs, driving small business growth across the continent.