Tony Elumelu to retire as UBA chairman, bank names successor

Tony Elumelu will retire as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, after completing the maximum 12-year tenure allowed by the Central Bank of Nigeria (CBN), while the bank has named Emmanuel Nnorom as his successor.

The announcement was made by the bank on Monday. UBA said Elumelu will step down from its Board of Directors on August 21, 2026, in line with the CBN’s corporate governance guidelines, which set a maximum tenure of 12 years for non-executive directors of commercial banks.

UBA also announced the appointment of Emmanuel Nnorom, a Non-Executive Director on its Board, as the incoming Group Chairman.

His appointment will take effect on the same date to ensure a smooth leadership transition.

The bank said the decisions were approved by its Board of Directors at a meeting held on July 6, 2026.

During Elumelu’s 12 years as Group Chairman, UBA expanded its operations across 20 African countries and strengthened its presence in four global financial centres.

The bank also grew its customer base to more than 50 million across Africa and other markets, while expanding its digital banking services and supporting trade, investment and economic development.

In a statement, the Board thanked Elumelu for his contributions to the bank.

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

The bank added that Elumelu leaves behind a stronger institution with an established governance structure, improved operational resilience and a clear direction for future growth.

Speaking on his retirement, Elumelu said serving UBA had been one of the most important periods of his career.

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.

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He also expressed confidence in Nnorom’s ability to lead the Board.

“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” he added.

Nnorom is a chartered accountant with more than 40 years of experience in banking, finance, auditing and corporate governance.

He has served as a Non-Executive Director on UBA’s Board, giving him experience in the bank’s operations, strategy and governance.

Reacting to his appointment, Nnorom thanked the Board for the confidence reposed in him and pledged to build on the work of his predecessor.

“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 on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.

The leadership transition will take effect on August 21, 2026, when Elumelu retires from the Board and Nnorom assumes office as Group Chairman.