Tony Elumelu Retires From UBA: Full List of Companies Owned by the Billionaire Investor
- Tony Elumelu will soon retire as UBA Group Chairman after 15 impactful years
- Emmanuel Nnorom, a non-executive director, appointed as Elumelu's successor at UBA
- Elumelu continues to shape Africa's economy through diverse investments and entrepreneurship initiatives
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
One of Nigeria's most influential business leaders, Tony Elumelu, will step down as Group Chairman of United Bank for Africa (UBA), bringing an end to a remarkable 15-year tenure that transformed the lender into one of Africa's leading financial institutions.
UBA announced on Monday, July 6, 2026, that Elumelu's retirement will take effect on August 21, 2026, following the completion of the mandatory tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN), according to a report by Punch.
Source: UGC
The bank also confirmed the appointment of Emmanuel Nnorom, a non-executive director on the board, as Elumelu's successor.
In a statement, UBA praised the outgoing chairman for his outstanding leadership and lasting impact on the institution.
"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.
The business empire behind Tony Elumelu
Beyond UBA, Elumelu has built a diversified investment portfolio through Heirs Holdings, the family-owned investment company he founded in 2010.
The group has investments across more than 20 African countries and operates in sectors considered critical to the continent's economic growth.
Below are some of the flagship companies associated with the billionaire entrepreneur.
United Bank for Africa (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, making it one of Africa's largest banking groups.
Heirs Holdings
Heirs Holdings serves as the umbrella investment company for many of Elumelu's businesses.
The company manages investments across financial services, energy, real estate, technology, healthcare and hospitality, with a long-term focus on Africa's development.
Transnational Corporation (Transcorp Plc)
Elumelu is the chairman and largest shareholder of Transcorp Plc, one of Nigeria's biggest conglomerates.
The diversified company has significant investments in power, hospitality and energy, making it one of the country's most valuable listed firms.
Transcorp Power Plc
A subsidiary of Transcorp, Transcorp Power owns and operates one of Nigeria's largest thermal power plants located in Ughelli, Delta State.
The company plays a major role in improving electricity generation across the country.
Transafam Power
Another major energy asset under the Transcorp stable, Transafam Power operates a gas-fired power plant in Rivers State and contributes substantially to Nigeria's national grid.
Heirs Energies
Heirs Energies is one of Nigeria's leading indigenous oil and gas exploration and production companies.
The company acquired Oil Mining Lease (OML) 17 in the Niger Delta and has rapidly expanded crude oil and natural gas production.
Transcorp Hotels Plc
Transcorp Hotels owns the iconic Transcorp Hilton Abuja, one of Nigeria's premier luxury hotels.
The hospitality company also continues to expand into other major cities through new hotel developments.
Heirs Insurance Group
The insurance business comprises Heirs Insurance, Heirs Life Assurance, and Heirs Insurance Brokers.
The companies provide life and general insurance services to individuals and businesses across Nigeria.
Avon HMO
Through Heirs Holdings, Elumelu also has investments in healthcare via Avon HMO, one of Nigeria's leading health maintenance organisations offering health insurance solutions.
A legacy beyond banking
Although Tony Elumelu is leaving the UBA boardroom, his influence on Nigeria's corporate landscape remains firmly intact.
Source: Facebook
Beyond his commercial ventures, he is widely recognised for empowering thousands of young African entrepreneurs through the Tony Elumelu Foundation, which has committed millions of dollars to support startups and small businesses across the continent.
His retirement from UBA therefore marks the close of a significant chapter in African banking, but not the end of his role as one of the continent's foremost investors and champions of entrepreneurship.
Seplat investment: Tony Elumelu nears billionaire milestone
Legit.ng earlier reported that Nigerian business mogul Tony Elumelu is edging closer to joining the exclusive league of dollar billionaires in Africa as the value of his stake in Seplat Energy surges toward the $1 billion mark.
As of late April 2026, Elumelu’s investment in Seplat Energy is estimated at between $934 million and $989 million, following a remarkable rally in the company’s share price on the Nigerian Exchange (NGX).
The sharp rise has added more than $400 million to the value of his investment in less than four months, reinforcing his reputation as one of Africa’s most strategic investors.
Source: Legit.ng
