Tony Elumelu Retires as UBA Chairman, Emmanuel Nnorom Takes Over Aug. 21

United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on 21 August 2026, with long-serving board member Emmanuel Nnorom set to succeed him as Group Chairman.

The bank disclosed the leadership transition in a statement on Monday, saying the decision was approved at its Board meeting held on 6 July 2026.

According to UBA, Elumelu's retirement is in compliance with the Central Bank of Nigeria (CBN) Corporate Governance Guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of banks.

The bank said Nnorom, who currently serves as a Non-Executive Director, will formally assume office as Group Chairman on 21 August 2026.

UBA paid tribute to Elumelu, describing his tenure as one of the most transformative periods in the bank'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 statement said.

According to the bank, Elumelu's leadership helped transform UBA into one of Africa's leading financial institutions, with operations spanning 20 African countries and four global financial centres the United Kingdom, the United States, France and the United Arab Emirates while serving more than 50 million customers worldwide.

Commenting on his retirement, Elumelu described serving UBA as one of the defining experiences of his professional 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.

He also expressed confidence in his successor.

"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."

Responding to his appointment, Nnorom thanked the Board for the confidence reposed in him and pledged to build on the institution's achievements.

"I am honoured by the trust the Board has placed in me and am 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.

Who is Emmanuel Nnorom?

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

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN) and an alumnus of Templeton College, Oxford.

UBA said his extensive leadership experience, boardroom expertise and deep institutional knowledge position him to lead the bank through its next phase of growth.

The leadership transition marks the end of Elumelu's 12-year tenure as Group Chairman, during which UBA consolidated its position as one of Africa's largest banking groups with a growing international footprint and more than 25,000 employees across its operations.