United Bank for Africa (UBA) Plc has announced that its Chairman, Tony Elumelu, will step down next month after completing the maximum tenure permitted under the Central Bank of Nigeria’s corporate governance guidelines, with veteran banker Emmanuel Nnorom set to succeed him.
Elumelu’s retirement, which takes effect on August 21, 2026, marks the end of a transformational era for one of Africa’s largest financial institutions, where he oversaw the bank’s expansion into 20 African countries and four global financial centres.
Announcing the leadership transition, UBA’s Board of Directors said Elumelu’s exit was in compliance with the Central Bank of Nigeria’s corporate governance code, which prescribes a maximum 12-year tenure for non-executive directors of banks.
The Board paid glowing tribute to the outgoing chairman, describing his tenure as one of the most impactful periods in the institution’s history.
“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 bank said.
According to UBA, Elumelu’s leadership repositioned the bank into one of Africa’s foremost financial institutions, serving more than 50 million customers across multiple markets while strengthening its international footprint.
Reflecting on his retirement, Elumelu described his years at UBA as one of the defining chapters of his professional journey.
“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.”
Expressing confidence in his successor, he 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.”
The Board announced that Emmanuel Nnorom, currently a Non-Executive Director of the bank, will assume the position of Chairman upon Elumelu’s exit.
Nnorom, a chartered accountant with more than 40 years of experience spanning banking, finance and auditing, pledged to build on the bank’s achievements and sustain its growth trajectory.
“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 comes as UBA continues to consolidate its position as one of Africa’s biggest banking groups, with operations across the continent and an expanding presence in key international financial markets.
