Lagos, Nigeria – United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, after completing the 12-year tenure limit for non-executive directors as prescribed by the Central Bank of Nigeria.
The decision was approved at a meeting of UBA’s Board of Directors held on July 6, 2026, during which the Board also elected Emmanuel N. Nnorom, a Non-Executive Director of the bank, to succeed Elumelu as Group Chairman, effective August 21.
In announcing the transition, the Board expressed profound appreciation for Elumelu’s leadership, describing his tenure as a defining period in UBA’s history.
According to the bank, Elumelu played a pivotal role in transforming UBA into one of Africa’s leading financial institutions. Under his leadership, the bank expanded its footprint across 20 African countries and established operations in four global financial centers, serving more than 50 million customers worldwide.
The Board praised Elumelu’s visionary leadership and significant contributions to strengthening the institution’s strategic direction and corporate governance.
Nnorom, who will assume the chairmanship next month, is a chartered accountant with more than four decades of experience in banking, finance and auditing. The Board said his extensive leadership experience and deep institutional knowledge position him well to lead the bank into its next phase of growth.
Reflecting on his retirement, Elumelu described his service to UBA as one of the greatest privileges of his professional career.
“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.
He expressed confidence in his successor, stating that Nnorom possesses the integrity, experience and sound judgment needed to sustain the bank’s growth trajectory.
For his part, Nnorom thanked the Board for the confidence reposed in him and pledged to build on the institution’s strong foundation.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. 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,” he said.
UBA, widely known as Africa’s Global Bank, operates across 20 African countries as well as in the United Kingdom, the United States, France and the United Arab Emirates. The bank provides retail, commercial and institutional banking services and is recognized for its focus on financial inclusion and technology-driven banking solutions.
The bank employs approximately 25,000 people across its operations and serves more than 50 million customers globally.
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