United Bank for Africa (UBA) has announced that Tony Elumelu will retire as Chairman of its Board on August 21, 2026, bringing to an end a 12-year tenure that transformed the pan-African banking group.
The bank said Elumelu’s retirement is in line with the Central Bank of Nigeria’s corporate governance guidelines, which limit the tenure of non-executive directors at commercial banks to 12 years. The Board has approved the appointment of Emmanuel Nnorom, currently a Non-Executive Director, as the new Group Chairman, effective the same date.
During his time as chairman, Elumelu oversaw UBA’s expansion into 20 African countries and strengthened its presence in major global financial centres. The bank also grew its customer base to more than 50 million, expanded its digital banking services, and reinforced its corporate governance framework.
In a statement, UBA’s Board praised Elumelu for his visionary leadership and significant contributions to the bank’s growth, noting that he leaves behind a stronger institution with a solid foundation for future expansion.
Speaking on his retirement, Elumelu described serving UBA as one of the greatest privileges of his career and expressed confidence in the bank’s future under Nnorom’s leadership.
Nnorom, who has more than 40 years of experience in banking, finance, auditing and corporate governance, pledged to build on UBA’s achievements and continue delivering value to shareholders, customers and other stakeholders.
The leadership transition is widely seen as part of UBA’s long-term succession plan, reinforcing the bank’s commitment to strong corporate governance, regulatory compliance and sustained growth across Africa and international markets.
