Billionaire Tony Elumelu Explains Why He Stepped Down as CEO of UBA

• Because to the CBN 2010 regulations, Elumelu was required to resign as CEO of UBA and choose a new CEO for the organisation
• Elumelu claimed that the policy change inspired him to think more widely rather than depressing him and take advantage of the opportunities
• Businesses in the energy, electricity, financial services, real estate and others are part of the Heirs Holdings conglomerate's investment portfolio

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The founding and growth of Heirs Holdings Group was spurred by the Central Bank of Nigeria's (CBN) policy, which limits the term of bank CEOs to ten years, according to Tony Elumelu, chairman of the company.

Elumelu had to step down as the CEO of United Bank for Africa (UBA) and name a new CEO for the bank because the CBN 2010 rules for banking sector operations had imposed a maximum term limit of 10 years for bank CEOs.

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Speaking at the 14th-anniversary celebration of Heirs Holdings Group in Lagos, Elumelu said that rather than being disappointed by the policy shift; it encouraged him to look more broadly and take advantage of the opportunities it gave.

Operating in 24 countries globally, the Heirs Holdings conglomerate's investment portfolio includes companies in the power, energy, financial services, hospitality, real estate, healthcare, and technology sectors.

“14 years ago, we woke up to regulatory policy that CEOs of banks who had done 10 years and above should go. What I teach young entrepreneurs, my children and those I am opportune to mentor is that when things seem bad, they should not give up, but persevere, be resolute and turn their fears to courage. For us, if we were looking at the other side of the glass that contained fear, anger, we won’t be here today.

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“This is my gift for you in our 14th anniversary. Do not give up,” Elumelu said.

He noted that the private sector in Africa has the power to alter the trajectory of the continent's growth and noted that the company's success in doing good has had a profound effect on the region.

Nigerian billionaire set to list companies

Legit.ng reported that Tony Elumelu, the chairman of Heir Holdings, has stated that the organisation will list more of the companies in its portfolio on the Nigerian Exchange in an effort to democratise prosperity.

He made this known at a media briefing held in Lagos on Wednesday, August 28, to mark the 14th anniversary of Heirs Holdings.

He added that the group may consider listing in additional African markets when conditions are ideal.

Source: Legit.ng