One of Nigeria’s most influential bankers and business leaders, Tony Elumelu, is set to step down as the Group Chairman of United Bank for Africa (UBA) Plc, bringing an end to a remarkable 12-year tenure that transformed the financial institution into one of Africa’s leading banking groups.
UBA announced that Elumelu will officially retire from the Board of Directors on August 21, 2026, having completed the maximum 12-year tenure permitted for non executive directors under the Central Bank of Nigeria’s corporate governance regulations. The decision was approved during the bank’s board meeting held on July 6, with the board simultaneously appointing Emmanuel Nnorom, a current non executive director, as the incoming Group Chairman. His appointment will take effect on the same day Elumelu exits the position.
During his time as chairman, Elumelu played a pivotal role in strengthening UBA’s position as a pan African financial powerhouse. Under his leadership, the bank expanded its operations across 20 African countries and established a presence in key international financial centres, serving more than 50 million customers while reinforcing its reputation as one of the continent’s most successful banking institutions...READ THE FULL ARTICLE HERE .
The UBA Board praised Elumelu for his visionary leadership, strategic direction, and immense contributions to the institution’s growth and stability. Reflecting on his departure, Elumelu described his years leading the bank as one of the greatest privileges of his career, expressing pride in what the institution has achieved and confidence that the bank will continue to thrive under new leadership. He also expressed strong faith in Emmanuel Nnorom’s ability to guide UBA through its next phase of growth and innovation.
Nnorom brings decades of experience in banking, finance, auditing, and corporate governance to his new role. Having served on UBA’s board as a non executive director, he is expected to provide continuity while steering the bank through evolving opportunities and challenges within Africa’s financial sector.
Elumelu’s retirement marks the close of a defining chapter in UBA’s history. Beyond his role at the bank, he remains one of Africa’s foremost entrepreneurs and philanthropists through his investments and the Tony Elumelu Foundation. While he steps away from the chairmanship of UBA, his legacy of expanding African banking, promoting entrepreneurship, and championing economic development across the continent is expected to endure for years to come.
