United Bank for Africa (UBA) has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after reaching the Central Bank of Nigeria’s 12-year tenure limit for non-executive directors.
The bank also confirmed that Non-Executive Director Emmanuel Nnorom will take over as Group Chairman from the same date.
The decision was approved at the board meeting held on July 6, 2026, marking the end of Elumelu’s 12-year leadership of the pan-African financial institution.
Elumelu transformed UBA into pan-African banking giant
In a statement issued on Monday, UBA praised Elumelu for his “visionary leadership” and significant contributions to the bank’s growth.
During his tenure, UBA expanded into one of Africa’s largest banking groups, operating in 20 African countries as well as the United Kingdom, United States, France and the United Arab Emirates.
The bank now serves more than 50 million customers and employs about 25,000 people across its operations.
Nnorom to take over leadership
UBA described Nnorom, a chartered accountant with over four decades of experience in banking, finance and auditing, as a leader with extensive institutional knowledge and leadership experience.
Reacting to his appointment, Nnorom said he was honoured by the confidence reposed in him.
“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.”
Elumelu expresses confidence in successor
Reflecting on his retirement, Elumelu described serving UBA as one of the greatest privileges of his 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.
“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.”
The announcement came as UBA’s shares rose by 3.41 per cent on Monday, closing at N42.40 after investors traded 13.77 million shares worth N577.82 million.
