Tony Elumelu to Retire as UBA Chairman, Emmanuel Nnorom Named Successor

United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN).

The Board has appointed Emmanuel N. Nnorom, a Non-Executive Director of the bank, as Elumelu’s successor, with the appointment taking effect on the same date.

The decisions were approved at the Board’s meeting held on July 6, according to a statement issued by UBA on Monday.

UBA said Elumelu’s retirement is in line with the CBN’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of banks.

The Board expressed appreciation for Elumelu’s leadership, crediting him with strengthening UBA’s strategic direction and overseeing a period of significant expansion that reinforced the bank’s position as one of Africa’s leading financial institutions.

During his tenure as Group Chairman, UBA expanded its operations across 20 African countries and established a presence in four global financial centres. The bank now serves more than 50 million customers worldwide.

Commenting 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.”

Nnorom, a chartered accountant, has more than 40 years of experience in banking, finance and audit. He currently serves as a Non-Executive Director of UBA and has held several leadership positions in Nigeria’s financial services sector.

Responding to his appointment, Nnorom said he was honoured by the confidence reposed in him by the Board and pledged to build on the bank’s achievements.

“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’s retirement marks the end of a 12-year tenure during which UBA recorded substantial growth in scale and financial performance.

The bank’s total assets rose from N2.76 trillion in 2014, when Elumelu became Group Chairman, to N33.13 trillion as of the first quarter of 2026. Over the same period, UBA strengthened its pan-African footprint while expanding its international presence in the United Kingdom, the United States, France and the United Arab Emirates.

Nnorom will formally assume office as Group Chairman on August 21, following Elumelu’s retirement from the Board.