UBA Chairman Tony Elumelu to Retire After 12 Years as Board Names Emmanuel Nnorom 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, following the completion of the maximum 12-year tenure permitted for non-executive directors under the Central Bank of Nigeria (CBN) corporate governance guidelines.
The bank disclosed that its Board, at a meeting held on July 6, 2026, accepted Elumelu’s retirement and approved the appointment of Emmanuel Nnorom, currently a Non-Executive Director, as the new Group Chairman with effect from August 21, 2026.
The transition marks the end of a significant era for UBA, during which Elumelu oversaw the transformation of the financial institution into one of Africa’s leading banking groups with an extensive international footprint.
In a statement, the Board paid glowing tribute to Elumelu’s leadership, describing his tenure as a defining period in the bank’s history.
According to the Board, his visionary leadership played a pivotal role in strengthening UBA’s strategic direction and institutional capacity, helping the bank evolve into a truly pan-African financial institution.
During his time as chairman, UBA expanded its operations across 20 African countries and established a presence in four major global financial centres.
The bank now serves more than 50 million customers worldwide, while continuing to deepen financial inclusion through digital banking and innovative financial services.
The Board also highlighted Elumelu’s contribution to positioning UBA as one of Africa’s foremost financial institutions with strong governance structures and sustainable growth.
Speaking on his retirement, Elumelu described serving UBA as one of the greatest honours of his professional life.
“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.
Expressing confidence in his successor, Elumelu added: “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.”
Nnorom, who takes over the chairmanship later in August, is a chartered accountant with more than 40 years of experience spanning banking, finance and auditing.
The bank said his extensive leadership experience and deep understanding of UBA’s operations make him well positioned to guide the institution through its next phase of growth.
Reacting to his appointment, Nnorom expressed gratitude to the Board for the confidence reposed in him.
“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.
UBA, widely recognised as Africa’s Global Bank, operates in 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates.
The bank provides retail, commercial and institutional banking services while leveraging technology to drive financial inclusion across its markets.
With a workforce of approximately 25,000 employees across the Group and more than 50 million customers globally, UBA remains one of the largest employers in Africa’s banking sector and one of the continent’s most geographically diversified financial institutions.
The leadership transition comes as Nigerian banks continue to strengthen corporate governance practices in line with CBN regulations, including prescribed tenure limits for directors aimed at promoting board independence, accountability and institutional continuity.
