Tony Elumelu to Retire as UBA Group Chairman, Emmanuel Nnorom Named Successor

Tony Elumelu to Retire as UBA Group Chairman, Emmanuel Nnorom Named Successor

United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).

The decision was announced during the bank’s board meeting on Monday, where the board also approved the appointment of current Non-Executive Director, Emmanuel Nnorom, as the incoming Group Chairman. His appointment will take effect on the same day Elumelu steps down.

In a statement, UBA expressed appreciation for Elumelu’s leadership, describing his tenure as instrumental to the bank’s growth and strategic transformation.

“The Board places on record its profound appreciation to Mr. Tony Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement said.

Under Elumelu’s chairmanship, UBA expanded its footprint across Africa and now operates in 20 African countries, with additional operations in four global financial centres, serving more than 50 million customers.

The bank noted that the leadership transition aligns with the CBN’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.

Reacting to the announcement, Elumelu reflected on his years of service in a message posted on his Facebook page titled, “Celebrating an African Institution: My Farewell from UBA.”

He described his departure as the beginning of a new chapter for the institution, saying leadership is about knowing when an organisation is ready to move forward.

“I conclude my tenure as Chairman of the Group Board of United Bank for Africa on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride and great optimism for the future,” he said.

Elumelu said his vision was to build an African financial institution capable of competing globally while contributing to the continent’s development.

He added that UBA’s growth into a pan-African banking group serving over 50 million customers across 20 African countries and four continents reflects the collective efforts of its employees, management, directors, customers, regulators, shareholders and partners.

Elumelu also congratulated his successor, Emmanuel Nnorom, expressing confidence in his leadership and urging shareholders, customers and other stakeholders to give him the same support he received throughout his tenure.

Tony Elumelu to Retire as UBA Group Chairman, Emmanuel Nnorom Named Successor