United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will step down from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).
The decision was approved at the bank’s Board meeting held on July 6, with veteran banker and current Non-Executive Director, Emmanuel Nnorom, appointed as the incoming Group Chairman. His appointment will take effect immediately after Elumelu’s retirement, ensuring a seamless leadership transition.
Elumelu’s departure marks the end of a transformative era for UBA. Under his leadership, the bank expanded its footprint across 20 African countries and established operations in key international financial centres, including the United Kingdom, the United States, France and the United Arab Emirates. Today, UBA serves more than 50 million customers worldwide.
In his farewell message, Elumelu reflected on his decades-long journey with the institution.
“I conclude my tenure as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride, and most importantly, great optimism for the future.”
He added that his long-term vision had always been to build an institution capable of connecting Africa to itself and the rest of the world while creating a legacy that would outlive individuals.
UBA’s Board paid tribute to Elumelu’s visionary leadership, describing his tenure as instrumental in transforming the bank into “Africa’s Global Bank.” It also expressed confidence that Emmanuel Nnorom’s extensive experience in banking, finance and corporate governance would sustain the institution’s growth trajectory and strengthen its position as one of Africa’s leading financial institutions.
