After 12 years as chairman, Elumelu exits UBA, handing leadership to Emmanuel Nnorom amid expansion success.
United Bank for Africa Plc (UBA) has announced the retirement of its Group Chairman, Tony Elumelu, from the Board of Directors, bringing to a close a 12-year leadership tenure that reshaped the bank into one of Africa’s largest financial institutions.
The bank disclosed that Elumelu will retire on August 21, 2026, upon completing the 12-year tenure limit prescribed for non-executive directors of banks by the Central Bank of Nigeria.
At a meeting held on July 6, 2026, the board accepted his retirement and elected non-executive director Emmanuel Nnorom as his successor, with effect from August 21, 2026.
Paying tribute to the outgoing chairman, the Board expressed “profound appreciation” to Elumelu for his “visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.”
According to the bank, Elumelu’s leadership marked “a defining chapter in the Group’s history.”
“Under his stewardship, UBA was transformed into a pan-African institution, operating in 20 African countries and 4 global financial centres and serving over 50 million customers,” the statement said.
Reflecting on his retirement, Elumelu described his years at the bank as one of the defining experiences 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.
Throwing his weight behind 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, a chartered accountant with more than four decades of experience in banking, finance, and audit, pledged to build on the institution’s legacy 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,” he said.
“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.”
UBA operates in 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates, serving more than 50 million customers globally with a workforce of about 25,000 employees.
