Our investigations showed that all the staff of the brokerage firm (UBA Insurance Brokers) have either been transferred to other departments of the United Bank for Africa (UBA) Plc or HEIRS Insurance Brokers Limited which is solely owned by Tony O. Elumelu. This has left UBA Insurance Brokers with no staff.
Although the bank elected to adopt a Holding Company structure model following CBN’s directives to banks, no official statement has been released on this development. Analysts however opine that the move might have been informed by the need by the bank to cut cost or consolidate its lines of businesses. There are reports that the bank is currently undertaking a re-structuring of its insurance subsidiaries which also includes UBA Metropolitan Life Insurance Company Limited.
Before the latest development, the bank had interests in two insurance brokerage firms. Whilst UBA Insurance Brokers is a fully owned subsidiary of the bank, HEIRS Insurance Brokers Limited is wholly owned by Tony O. Elumelu (C.O.N), a major shareholder of United Bank For Africa Plc who is also the Chairman of the HEIRS Holdings Limited.