Tony Elumelu to retire as UBA group chairman

United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board of Directors on August 21, 2026, bringing to an end a 12-year tenure at the helm of the pan-African financial institution.

The bank disclosed the development in a statement following its Board of Directors meeting held on Monday, July 6, 2026. UBA also announced the appointment of Emmanuel N. Nnorom as the incoming Group Chairman, effective August 21, subject to the conclusion of Elumelu’s tenure.

According to the bank, Elumelu’s retirement is in compliance with the Central Bank of Nigeria (CBN) corporate governance guidelines, which prescribe a maximum tenure of 12 years for Non-Executive Directors of commercial banks.

During his time as chairman, Elumelu oversaw the transformation of UBA into one of Africa’s leading financial institutions, expanding the bank’s footprint across 20 African countries and establishing operations in major international financial centres, including London, New York, Paris and Dubai.

The bank said UBA now serves more than 50 million customers worldwide and employs about 25,000 people, achievements it attributed to the strategic direction provided under Elumelu’s leadership.

In a farewell message titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on the bank’s growth and its role in advancing African banking.

“I have never been able to look at Africa and see only borders. Where many see 54 separate markets, I saw one continent and one destiny waiting to be transformed,” he said.

He added that he was leaving the board with confidence in the institution’s future and its ability to continue driving economic growth across the continent.

The Board unanimously elected Emmanuel N. Nnorom, a Non-Executive Director of the bank, as Elumelu’s successor.

Nnorom brings more than four decades of experience in banking, finance, auditing and corporate governance. He is a Chartered Accountant and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and previously served as the Chief Executive Officer of Heirs Holdings.

Commenting on the appointment, Elumelu described Nnorom as “a leader of integrity, experience and sound judgment,” expressing confidence in his ability to lead the board.

In his acceptance remarks, Nnorom thanked the board for the confidence reposed in him and pledged to build on UBA’s achievements.

“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and other stakeholders,” he said.

UBA noted that the leadership transition reflects its commitment to strong corporate governance and aligns with ongoing regulatory reforms by the Central Bank of Nigeria aimed at strengthening governance standards within the banking sector.