UBA Group Chairman, Tony Elumelu
United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria’s corporate governance guidelines.
The bank also announced the appointment of Non-Executive Director Emmanuel N. Nnorom as the incoming Group Chairman, with his appointment taking effect on the same date.
The leadership changes were approved at the bank’s Board meeting held on July 6, 2026, according to a statement issued by UBA on Monday July 6.
UBA said Elumelu’s retirement was in compliance with the CBN’s corporate governance framework, which prescribes a maximum tenure of 12 years for non-executive directors of banks.
The Board praised Elumelu’s leadership, describing his tenure as one of the most transformative periods in the bank’s history.
“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement said.
According to the bank, Elumelu oversaw the expansion of UBA into one of Africa’s leading financial institutions, with operations in 20 African countries and four global financial centres. The bank said it now serves more than 50 million customers across its markets.
Commenting on his retirement, Elumelu described his time at UBA as one of the defining experiences 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,” he said.
He expressed confidence in his successor, saying, “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 incoming chairman, Nnorom, is a chartered accountant with more than 40 years of experience in banking, finance and auditing. UBA said his extensive leadership experience and deep knowledge of the institution position him to lead the Board through its next phase of growth.
Responding to his appointment, Nnorom said he was honoured by the confidence reposed in him 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,” he said.
The leadership transition will take effect on August 21, 2026, following Elumelu’s retirement from the Board.
