Top founders and CEOs in Nigeria have built strong companies and later stepped away from daily management while still guiding their organisations. 

Instead of holding onto their old roles, they passed leadership to new executives and focused on bigger goals like strategy, mentorship, and governance.

From Africa’s richest man to banking trailblazers, here are the stories of eight Nigerian heavyweights who deliberately handed over power,and how their decisions reshaped their companies and the broader business landscape.

Here are the Top Founders & CEOs in Nigeria Who Stepped Down:

Aliko Dangote (Dangote Group & Dangote Sugar) 

On June 16, 2025, Dangote stepped down as chairman of Dangote Sugar Refinery. He handed the role to Arnold Ekpe, an experienced banker. Before that, in May 2023, he also stepped down as chairman of Dangote Cement after leading the company for nearly 20 years.

Under his leadership, Dangote Cement became one of Africa’s biggest cement companies. Now, Dangote focuses more on the bigger picture, his petrochemical, logistics, and fertiliser businesses.

Herbert Wigwe (Access Bank & Access Holdings)

Wigwe finished his 10-year term as CEO of Access Bank in April 2022. He had turned the bank into Nigeria’s largest by shareholders’ funds. After stepping down, he became CEO of Access Holdings, the group that owns the bank, insurance, asset management, and fintech businesses. His move shows how leaders can make changes while keeping their vision alive.

Jim Ovia (Zenith Bank)

 In 2010, Jim Ovia resigned as CEO of Zenith Bank because of a rule that limited bank CEOs to 10 years. During his time, Zenith became Nigeria’s first bank to cross ₦1 trillion in market value and even listed on the London Stock Exchange. Though he left as CEO, he stayed on as Chairman and helped guide new leaders.

Tony Elumelu (UBA & Heirs Holdings)

Tony Elumelu stepped down as CEO of UBA in 2010, after turning the struggling bank into a strong company with branches across 20 African countries. Today, he is UBA’s Chairman and runs Heirs Holdings and the Tony Elumelu Foundation, which helps young African entrepreneurs.

Fola Adeola (GTBank)

In 2002, when GTBank was growing rapidly, co-founder Fola Adeola stepped down as CEO to ensure leadership changes happened smoothly. He later started FATE Foundation, which helps Nigerian startups. His decision is seen as a great example of how to step away at the right time.

Subomi Balogun (FCMB)

Balogun started FCMB in 1982. In 2017, after 35 years, he handed the role of Chairman to his son, Ladi Balogun. Under his leadership, FCMB grew from a merchant bank to a commercial bank with over 300 branches. His transition shows how business founders can pass leadership within the family while still keeping strong governance.

Atedo Peterside (Stanbic IBTC Holdings) 

Peterside co-founded IBTC in 1989 and later merged it with Stanbic Africa, creating Stanbic IBTC Holdings. In 2017, he stepped down as Chairman to focus on public work, including financial education. His story shows how business leaders can take on bigger roles beyond corporate success.

Tunde Lemo (Wema Bank & CBN)

Lemo was CEO of Wema Bank in the late 1990s, then left in 2003. Later, he became Deputy Governor of Nigeria’s Central Bank (2007–2014). 

His career path from banking to regulation shows how experienced leaders can switch sectors and shape policies.