Leapfrog Investments to pump N16bn into financial services sector

Nigeria’s financial services sector yesterday received a boost as investments totaling N16.2 billion (US $100m) from a new fund LeapFrog Investments would be invested in the sector.

economyLeapFrog Investments said it has raised a freshN65 billion (US $400m) fund to invest in financial services companies in Africa and Asia , out of which N16 billion is expected to be invested in Nigeria , which was selected as a priority country.

Vanguard gathered that the N65 billion (US $400m) fund will be invested in high growth businesses in Africa and Asia.

The fund as gathered is backed by many of the world’s leading development financiers, insurers, reinsurers, pension funds and asset managers.

LeapFrog is

Elumelu back as UBA chairman

The Board of United Bank for Africa Plc, UBA, yesterday named Mr. Tony O. Elumelu, CON, as Chairman to succeed Ambassador Joe Keshi. Mr. Elumelu until this new appointment is Chairman/CEO of Heirs Holdings, the pan-African proprietary investment company, founded by him in 2010.

Elumelu retired as Group Managing Director/CEO of UBA in 2010, following the introduction by the Central Bank of Nigeria of 10-year tenure limits for bank CEOs.

He had served as CEO of the UBA Group for 13 years, where he was responsible for the creation of today’s UBA, a financial services institution providing services to more than 10 million customers, across the continent and in London, Paris and New York.