Tony Elumelu has opened up on why he stepped down as the CEO of the United Bank for Africa (UBA).
Elumelu founded the Heirs Holdings Group immediately after and is the current Chairman.
He 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.
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 remarked, emphasising that the policy shift, rather than dampening his ambitions, opened new doors for him. “When one door closes, many others open.”
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.
Reflecting on the group’s achievements, Elumelu noted,
“Today marks a significant milestone, as we celebrate 14 years of excellence at Heirs Holdings Group.”
Elumelu used the occasion to share broader lessons on leadership and resilience. He 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,” he advised.