United Bank for Africa (UBA) Plc has confirmed that Group Chairman Tony Elumelu will step down from the Board of Directors on August 21, 2026, after 12 years of service. His retirement aligns with the Central Bank of Nigeria’s (CBN) corporate governance rules on the tenure of non-executive directors.
The Board has appointed Emmanuel N. Nnorom, currently a Non-Executive Director, as the incoming Group Chairman. His appointment, approved at the Board meeting on July 6, 2026, will take effect on the same day as Elumelu’s departure, ensuring a smooth leadership transition.
During Elumelu’s tenure, UBA consolidated its position as one of Africa’s foremost financial institutions, expanding into 20 African countries and maintaining operations in four major global financial centres. The bank’s customer base grew beyond 50 million, while it advanced digital banking, strengthened governance practices, and enhanced support for trade and investment across the continent.
In its tribute, the Board stated:
“The Board records its deep appreciation to Mr. Elumelu for his visionary leadership and outstanding contribution to UBA’s strategic direction and institutional strength.”
Reflecting on his retirement, Elumelu described his time on the Board as a defining chapter in his career:
“Serving United Bank for Africa has been one of the great privileges of my professional life. UBA has built a distinctive competitive position across Africa and globally, and I leave the Board with full confidence in its future.”
He also expressed confidence in his successor:
“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement. I am certain the Bank will continue to prosper under his guidance.”
Nnorom, a chartered accountant with more than four decades of experience in banking, finance, auditing, and corporate governance, pledged to build on Elumelu’s legacy:
“I am honoured by the trust the Board has placed in me and deeply aware of the responsibility I inherit. I look forward to working with my colleagues on the Board, Management, and staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to shareholders, customers, and stakeholders.”
The leadership transition, effective August 21, 2026, is expected to reinforce continuity in UBA’s long-term strategy while underscoring its commitment to strong governance and regulatory compliance.
