Top founders and CEOs in Nigeria accumulate built robust firms and later stepped away from day-to-day management while aloof guiding their organisations.
Instead of holding onto their weak roles, they handed management to novel executives and centered on bigger targets like approach, mentorship, and governance.
From Africa’s richest man to banking trailblazers, here are the tales of eight Nigerian heavyweights who deliberately handed over strength,and one of the best method their decisions reshaped their firms and the broader business landscape.
Listed below are the Top Founders & CEOs in Nigeria Who Stepped Down:
Aliko Dangote (Dangote Neighborhood & Dangote Sugar)
On June 16, 2025, Dangote stepped down as chairman of Dangote Sugar Refinery. He handed the honest to Arnold Ekpe, an experienced banker. Before that, in Would per chance perchance presumably 2023, he moreover stepped down as chairman of Dangote Cement after leading the firm for as regards to twenty years.
Below his management, Dangote Cement changed into one of Africa’s supreme cement firms. Now, Dangote focuses more on the larger checklist, his petrochemical, logistics, and fertiliser businesses.
Herbert Wigwe (Salvage entry to Bank & Salvage entry to Holdings)
Wigwe finished his 10-one year term as CEO of Salvage entry to Bank in April 2022. He had changed into the bank into Nigeria’s greatest by shareholders’ funds. After stepping down, he changed into CEO of Salvage entry to Holdings, the team that owns the bank, insurance, asset management, and fintech businesses. His circulate reveals how leaders can obtain adjustments while keeping their vision alive.
Jim Ovia (Zenith Bank)
In 2010, Jim Ovia resigned as CEO of Zenith Bank due to the a rule that dinky bank CEOs to 10 years. During his time, Zenith changed into Nigeria’s first bank to tainted ₦1 trillion in market stamp and even listed on the London Stock Alternate. Though he left as CEO, he stayed on as Chairman and helped guide novel leaders.
Tony Elumelu (UBA & Heirs Holdings)
Tony Elumelu stepped down as CEO of UBA in 2010, after turning the struggling bank into an spectacular firm with branches across 20 African international locations. At the moment, he is UBA’s Chairman and runs Heirs Holdings and the Tony Elumelu Basis, which helps younger African entrepreneurs.
Fola Adeola (GTBank)
In 2002, when GTBank changed into growing at the moment, co-founder Fola Adeola stepped down as CEO to be certain that management adjustments came about with out pains. He later started FATE Basis, which helps Nigerian startups. His decision is viewed as a super example of the manner to step away on the factual time.
Subomi Balogun (FCMB)
Balogun started FCMB in 1982. In 2017, after 35 years, he handed the honest of Chairman to his son, Ladi Balogun. Below his management, FCMB grew from a service provider bank to a commercial bank with over 300 branches. His transition reveals how business founders can circulate management within the family while aloof keeping robust governance.
Atedo Peterside (Stanbic IBTC Holdings)
Peterside co-based mostly IBTC in 1989 and later merged it with Stanbic Africa, creating Stanbic IBTC Holdings. In 2017, he stepped down as Chairman to point of interest on public work, including financial education. His myth reveals how business leaders can tackle bigger roles beyond corporate success.
Tunde Lemo (Wema Bank & CBN)
Lemo changed into CEO of Wema Bank in the late Nineteen Nineties, then left in 2003. Later, he changed into Deputy Governor of Nigeria’s Central Bank (2007–2014).
His profession route from banking to legislation reveals how experienced leaders can change sectors and shape policies.
