Nigerian tycoon Tony O. Elumelu is set to step down as Chairman of the United Bank for Africa (UBA) Group after reaching the regulatory tenure limit prescribed for Non-Executive Directors of Banks by the Central Bank of Nigeria.
UBA announced that Elumelu will retire from the Board of Directors on August 21, 2026, upon completing the 12-year tenure limit.
At its July 6, 2026, meeting, the Board accepted Elumelu’s retirement and elected Emmanuel N. Nnorom, a Non-Executive Director of the Bank, as his successor, effective August 21, 2026.
The Board places on record its profound appreciation for Elumelu’s visionary leadership and exceptional contributions to the strategic vision and institutional strength of the UBA Group.
Elumelu’s tenure has been a defining chapter in the Group’s history. Under his stewardship, UBA was transformed into a pan-African institution operating in 20 African countries and 4 global financial centers, serving over 50 million customers, the bank said in a statement.
“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,” the statement quoted Elumelu.
His successor, Nnorom, is a chartered accountant with over forty years’ experience in banking, finance, and audit. He brings extensive leadership experience and deep institutional knowledge of UBA.
“Emmanuel Nnorom is a leader of integrity, experience, and sound judgment, and I am confident that the Bank will continue to thrive under his leadership,” Elumelu said.
The incoming Chairman, Nnorom, said he was honored by the trust the Board has placed in him and deeply conscious of the legacy he is inheriting.
“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,” Nnorom said.
United Bank for Africa Plc is Africa’s Global Bank. Operating across twenty African countries and in the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA provides retail, commercial, and institutional banking services, leads financial inclusion, and implements cutting-edge technology. The bank is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 50 million customers globally.
