The UBA Group has mourned the passing of Chief Elumelu, a renowned banking leader, who passed away peacefully on Wednesday, February 18, 2026, coinciding with his 99th birthday.
In a heartfelt tribute, the UBA Group Chairman reflected on Chief Elumelu’s immense contributions to the banking sector and his personal virtues.
“In January 2005, I led the merger between Standard Trust Bank and UBA Group — still recognised as the most transformative banking merger in Sub-Saharan Africa. As GMD/CEO of the newly combined institution, I carried the weight of a singular mandate to transform a single-country bank into a pan-African powerhouse. The journey demanded the right people,” he recalled.
He highlighted Chief Elumelu’s role in shaping UBA’s leadership and governance. “Chief joined the UBA Board as a Non-Executive Director in that same year, bringing with him decades of senior leadership at the National Insurance Corporation of Nigeria, NAL Merchant Bank, and a reputation for integrity that preceded him. His peers recognised quickly what those of us close to him had long felt, that he possessed something rare; a combination of wisdom, steadiness, and principle that made everyone around him want to be better.”
Appointed Chairman in 2011, Chief Elumelu served until 2013, strengthening UBA’s governance and instilling a culture of accountability and long-term thinking that continues to define the group.
Beyond his professional achievements, he was celebrated for his personal qualities. “But his professional titles capture only a little of who he truly was. A man of deep and unshakeable faith. A strong Christian, devoted husband, father, and patriarch whose family was, without question, his greatest pride.”
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Paying tribute to the late banker, the statement concluded: “It is with a grief that words struggle to hold that my wife Dr. Awele Elumelu and I share that Chief passed peacefully on Wednesday, February 18, 2026. On his 99th birthday. A life that long, and that beautifully lived, is its own kind of monument. The kind that doesn’t crumble. Rest well, Chief O as I fondly called him. We will miss you dearly.”
Chief Elumelu’s legacy in the banking industry and his dedication to family and faith have left an indelible mark that will continue to inspire future generations.