Tony Elumelu ends 12-year UBA chairmanship, leaves bank with 1,100% asset growth

Tony Elumelu has officially ended his 12-year tenure as group chairman of United Bank for Africa Plc, closing a chapter that saw UBA's total assets jump by more than 1,100 per cent. His tenure ended on August 21, 2026, with the bank now operating across 20 African countries and four global financial centres.

Sixteen years after stepping away from UBA, Elumelu has exited the bank once again. This time, he leaves after a 12-year run as group chairman, during which the bank's balance sheet, deposits, earnings and digital operations expanded sharply.

Assets, deposits and profit under Elumelu

Between 2015 and 2025, UBA's total assets rose by 1,106.18 per cent, from ₦2.75tn to ₦33.17tn, according to a report by TechCabal. Customer deposits climbed by 1,051.44 per cent to ₦23.95tn over the same period.

Loans and advances increased by 575 per cent, slower than deposits and total assets. Total revenue grew by 881.48 per cent, while profit rose by 578.33 per cent. The profit growth lagged revenue growth, reflecting higher operating expenses, credit losses and taxes.

Earnings per share rose from ₦1.79 in 2015 to ₦9.66 in 2025. But EPS had reached ₦21.73 in 2024 before falling in 2025 as loan impairment costs surged. UBA provided about ₦1.02tn for credit losses in 2025, pushing its bad-loan ratio above the threshold for dividend payments.

Continental expansion and digital banking

UBA grew its subsidiaries from 17 to 21, reducing dependence on Nigeria. The bank now has a presence in 20 African countries and four global financial centres.

Digital banking became a major revenue driver. E-banking expenses rose from ₦8.32bn in 2015 to ₦177.37bn in 2025, while IT support and related expenses hit ₦42.96bn. Combined, the two categories exceeded ₦220bn in 2025. E-business income grew by 1,212.71 per cent during the decade.

UBA's share price rose from about ₦4.32 at the start of 2015 to ₦41.65 by the end of 2025. Dividend payments increased from 60 kobo per share in 2015 to ₦3.25 in 2024. However, shareholders did not receive a final dividend for 2025 after the bank recorded significant credit losses and adjusted to stricter loan-classification requirements.

Workforce changes and what it means

UBA employed 12,770 people in 2015. By 2025, that number had fallen to 10,821. Yet employee benefit expenses rose from ₦57.45bn to ₦123.49bn, pushing annual cost per worker from about ₦4.5m to ₦11.4m.

Elumelu leaves behind a bank whose balance sheet is more than 12 times larger, with deposits exploded and digital banking central to its operations. But the decade also exposed rising credit losses, higher operating costs and the challenge of navigating Nigeria's volatile economy.

For Nigerian businesses and consumers, the key takeaway is that UBA's scale and continental spread have grown substantially, but tighter risk management and provisioning are now shaping shareholder returns. That is likely to continue influencing lending behaviour and dividend policy across the banking sector.