What 12 years of Tony Elumelu did to UBA, in 10 charts
Sixteen years after leaving the bank he helped grow into one of Nigeria’s biggest financial institutions, Tony Elumelu has left United Bank for Africa Plc (UBA), again. But this time, he is leaving a bank whose assets have grown by 1,106.18% over the past decade, customer deposits by 1,051.44%, and annual profit by 578.33%.
In 12 years, Tony Elumelu transformed United Bank for Africa (UBA) into a much larger financial institution, a change evident in the bank's expanding asset base, deposit growth, and increasing annual profit. Elumelu's tenure as group chairman concluded on August 21, marking the end of UBA's growth under his leadership. During this period, UBA's total assets expanded twelve-fold, increasing from ₦2.75 trillion in 2015 to ₦33.17 trillion by the end of 2025.
This 12.05× growth represents a staggering 1,106% increase in assets, more than triple the benchmark of ₦10 trillion set in 2022. UBA's assets grew at a yearly rate of +9.40%, outpacing the baseline growth of 12.05× since 2015.
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