Tony Elumelu Resigns as UBA Chairman After 12 Years

Tony Elumelu officially resigned as group chairman of UBA on August 21, 2026, concluding a 12-year tenure that significantly transformed the bank. Under his leadership, UBA's total assets surged from ₦2.75 trillion in 2015 to ₦33.17 trillion in 2025, marking an increase of 1,106.18%.

Customer deposits rose from ₦2.08 trillion to ₦23.95 trillion, a 1,051.44% increase, providing a larger pool for lending and investments. UBA's annual profit grew by 578.33% during this period, although profit growth lagged behind revenue growth due to rising operating expenses and credit losses.

The bank's earnings per share increased from ₦1.79 in 2015 to ₦9.66 in 2025, despite a drop in 2025 due to higher loan impairment costs. UBA's share price rose from ₦4.32 to ₦41.65, and dividend payments increased significantly, although no final dividend was issued for 2025 due to credit losses and stricter loan-classification requirements.