United Bank for Africa (UBA) Plc has announced that Tony O. Elumelu, CFR will retire as Group Chairman on August 21, 2026, closing a 12‑year tenure that helped turn the bank into one of Africa’s most prominent financial institutions.
UBA said Elumelu will step down from its Board of Directors having completed the 12‑year tenure limit for non‑executive directors set by the Central Bank of Nigeria (CBN).
At a Board meeting held on Monday, July 6, 2026, directors accepted his retirement and unanimously elected Emmanuel N. Nnorom, a current Non‑Executive Director, as the new Group Chairman, with his appointment to take effect on August 21, 2026.
Elumelu’s Tenure And The UBA Board Decision
In announcing the transition, the Board described Elumelu’s period as chairman as a defining era in the bank’s history and credited him with shaping UBA’s strategic direction and institutional strength.
It said he provided long‑term vision that helped UBA grow into a truly pan‑African banking group, with operations in 20 African countries and four major global financial centres, serving more than 50 million customers.
According to the Board, under his stewardship UBA consolidated its status as one of Africa’s leading financial institutions, expanded its footprint across the continent and reinforced its profile as a bank connecting Africa to the rest of the world.
In a formal tribute, the bank stated, “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.”
Commenting on his retirement, Elumelu described his years at the helm as a high point in his professional journey.
He said, “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 also expressed strong support for the choice of his successor.
Elumelu said, “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 Steps In As UBA Eyes Next Growth Phase
Incoming Group Chairman Emmanuel Nnorom pledged to build on the foundation laid by Elumelu and to sustain UBA’s growth path across its markets.
He said, “I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit.”
Looking ahead, he added, “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 described Nnorom as a chartered accountant with more than four decades of experience in banking, finance and auditing, and said his deep knowledge of the bank’s operations and governance structure will help provide continuity and clear strategic direction.
The leadership change comes as UBA continues to push its position as one of Africa’s largest financial services groups, scaling its digital banking platforms, growing international business and focusing more on trade, investment and financial inclusion across the continent.
Elumelu’s exit from the Board therefore closes a chapter in which UBA broadened its African reach, deepened its global ties and strengthened its reputation as a pan‑African bank with increasing international influence, while the succession signals a planned handover designed to keep governance stable and growth on track.
