United Bank for Africa Plc (UBA) has announced the retirement of its Group Chairman, Tony Elumelu, after 12 years on the Board of Directors, in line with the Central Bank of Nigeria (CBN) corporate governance guidelines.
In a statement issued on Monday, the bank said Elumelu will officially step down from the Board on August 21, 2026, having reached the maximum 12-year tenure permitted for non-executive directors of commercial banks.
UBA also announced the appointment of Emmanuel Nnorom, currently a Non-Executive Director, as the incoming Group Chairman. His appointment will take effect on the same day, following approval by the Board at its meeting on July 6, 2026.
Elumelu’s departure marks the end of a transformative era for the pan-African lender. During his tenure, UBA expanded its operations across 20 African countries and strengthened its presence in four major international financial centres. The bank also grew its customer base to more than 50 million while advancing its digital banking services, strengthening corporate governance, and supporting trade and investment across its markets.
Paying tribute to the outgoing chairman, the Board described Elumelu’s leadership as visionary and credited him with reinforcing the institution’s strategic direction, governance standards, and operational resilience.
“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.
Reflecting on his retirement, Elumelu described his years on the Board as one of the defining 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.
He also expressed confidence in his successor, describing Nnorom as a leader with the experience and integrity to guide the bank into its next phase of growth.
“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,” Elumelu added.
A chartered accountant with more than four decades of experience in banking, finance, auditing, and corporate governance, Nnorom has served as a Non-Executive Director on UBA’s Board and is expected to provide continuity in the bank’s long-term strategy.
Responding to his appointment, Nnorom thanked the Board for the confidence placed in him and pledged to build on the foundation laid by Elumelu.
“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 is widely seen as part of UBA’s succession planning strategy and reflects the bank’s commitment to strong corporate governance and regulatory compliance.
