Why I Stepped Down as CEO of UBA – Tony Elumelu

Tony Elumelu, the chairman of Heirs Holdings Group, has revealed that the Central Bank of Nigeria’s (CBN) policy, which limits the tenure of bank CEOs to ten years, was a key factor in his decision to step down as CEO of the United Bank for Africa (UBA).

Speaking at the 14th-anniversary celebration of Heirs Holdings in Lagos, Elumelu shared how this regulatory shift sparked a transformative journey that led to the establishment and growth of Heirs Holdings, now a global conglomerate with investments in diverse sectors across 24 countries.

Elumelu recounted how, in 2010, he was compelled to step down as CEO of the United Bank for Africa (UBA) due to a Central Bank of Nigeria (CBN) policy that imposed a maximum tenure of 10 years for bank CEOs.

“What could have been a setback became the beginning of something extraordinary – an opportunity that was truly transformative,” Elumelu said,

He emphasized that the policy shift, rather than dampening his ambitions, opened new doors for him. “When one door closes, many others open.”

According to him, this policy, which required him to relinquish his role at UBA, spurred the founding of Heirs Holdings, a conglomerate now operating in 24 countries and spanning sectors such as power, energy, financial services, hospitality, real estate, healthcare, and technology.

Speaking on the group’s achievements, Elumelu said, “Today marks a significant milestone, as we celebrate 14 years of excellence at Heirs Holdings Group.”

Elumelu highlighted on broader lessons on leadership and resilience and urged aspiring entrepreneurs to view challenges as opportunities for growth.

“When faced with adversity, do not give up. When challenged, bounce back. Persevere, be resilient, and transform your fear into hope, your hope into ambition, and your ambition into action,” Elumelu advised.