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Nigerian banker Tony Elumelu is under pressure after the Bank of Ghana suspended United Bank for Africa Ghana’s foreign exchange licence for one month, citing repeated breaches of market rules.
The suspension, which takes effect September 18, will halt UBA’s ability to conduct foreign exchange trades and handle remittance partnerships, a setback for one of West Africa’s most visible banks.
For Elumelu, UBA’s chairman and largest shareholder, the action marks more than just a regulatory penalty. It is the latest test of his leadership as he seeks to balance his role as a statesmanlike figure in African banking with a growing personal brand that critics say undermines his gravitas.
Elumelu is often cast as the champion of what he calls “Africapitalism,” a philosophy that blends profit with development by backing small enterprises and widening financial access across Africa. In Ghana, his bank has pushed into the digital space, rolling out chatbots and mobile tools powered by artificial intelligence, as well as account options designed for people with disabilities, including the visually impaired.
But in recent years, the Nigerian billionaire has become as well known for his Instagram presence as his boardroom decisions. His Instagram is filled with snapshots from private jets, tailored suits, and glossy resorts, often paired with motivational one-liners. To plenty of admirers, the posts capture the kind of success they dream of reaching themselves. Detractors argue his relentless display of wealth reflects a desperate need for online validation—an image unbecoming of a bank chairman now facing a regulatory crisis.
The Bank of Ghana has not disclosed the full scale of infractions, but officials say the suspension stems from unauthorized remittance transactions conducted through third-party platforms. The central bank warned that remittance partners would need to reapply before resuming business with UBA once the suspension ends.
Elumelu has not commented publicly. Analysts say his next move—whether to fight the suspension head-on or quietly overhaul UBA’s compliance systems—will not only shape the bank’s immediate future but also define how he is remembered: as a steady hand in turbulent times or as a tycoon distracted by his own image.
