LAGOS, Nigeria — United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, CFR, will retire from the Board of Directors effective 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 reached at the bank’s Board meeting held on July 6, 2026, where the Board also approved the appointment of Emmanuel Nnorom as the incoming Group Chairman. His appointment will take effect on the same day Elumelu formally exits the Board, ensuring a seamless leadership transition.
Elumelu’s retirement marks the end of a significant chapter in the history of UBA. During his tenure as Chairman, he oversaw the bank’s continued expansion across Africa and internationally, reinforcing its position as one of the continent’s leading financial institutions. Under his leadership, UBA strengthened its presence in 20 African countries while maintaining operations in key global financial centres, including New York, London, Paris and Dubai.
The bank commended Elumelu for his visionary leadership, commitment to corporate governance, and strategic role in transforming UBA into what it describes as “Africa’s Global Bank.” His leadership also advanced financial inclusion, digital innovation, and cross-border banking services across the continent.
Incoming Chairman Emmanuel Nnorom, a seasoned banker and current non-executive director on the UBA Board, is expected to build on the institution’s growth trajectory while sustaining its long-term strategic vision.
Although stepping down as UBA Group Chairman, Elumelu is expected to remain active in the African business landscape through his leadership roles at Heirs Holdings, Transcorp Group, and the Tony Elumelu Foundation, where he continues to champion entrepreneurship and private-sector development across Africa.
