News Highlights:
- Tony Elumelu will retire as UBA Group Chairman on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors stipulated by the CBN.
- Emmanuel Nnorom has been appointed incoming Group Chairman, succeeding Elumelu as UBA continues its pan-African growth strategy with a network serving over 50 million customers.
United Bank for Africa Plc (UBA) has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, with current non-executive director Emmanuel Nnorom appointed to succeed him effective the same day.
The transition was approved at the bank’s board meeting on Monday and comes in compliance with the Central Bank of Nigeria’s corporate governance requirement that limits the tenure of non-executive directors to a maximum of 12 years.
In a statement issued after the meeting, UBA described Elumelu’s tenure as transformative, noting that under his leadership the bank expanded its pan-African footprint and strengthened its global presence.
“The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.
“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”
Elumelu Reflects on Legacy
Reacting to the announcement, Elumelu shared a farewell message on Facebook titled “Celebrating an African Institution: My Farewell from UBA”, where he reflected on his vision of building a bank that would connect Africa internally and with the rest of the world.
“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny — waiting to be transformed, waiting to be believed in.
“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men. Today is a day of huge excitement – of potential delivered and continued opportunity. Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter.
“I conclude my tenure as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride, and most importantly – great optimism for the future.”
He said his goal had always been to build an institution that would outlive individuals and serve as a bridge for trade, investment, and economic integration across the continent.
“Today, that vision is reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally while being deeply committed to our continent’s development.
“This success belongs to generations of dedicated colleagues, exceptional management, visionary directors, loyal customers, supportive regulators, committed shareholders, and partners who believed in our shared purpose.”
Confidence in Successor
Elumelu also welcomed Nnorom as incoming Group Chairman, expressing confidence in his experience, leadership and deep understanding of the bank. He urged shareholders, customers, partners, and the broader UBA family to give Nnorom the same support and trust they had extended to him throughout his tenure.
The leadership transition marks the end of a significant era for UBA, during which the bank evolved into one of Africa’s most expansive financial institutions with operations spanning 20 African countries and four international financial centres.