Tony Elumelu will retire as UBA Chairman on August 21, 2026, after completing the CBN tenure limit. Emmanuel Nnorom will succeed him as Group Chairman.
Tony Elumelu will step down as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026. His exit follows the Central Bank of Nigeria’s 12-year tenure limit for non-executive bank directors.
UBA confirmed the decision in a statement released on Monday after its board meeting held on July 6, 2026. At the same meeting, the board approved Emmanuel Nnorom as the bank’s next Group Chairman. He will officially assume the role on the same day Elumelu retires.
During his time as chairman, Elumelu led one of the biggest transformations in UBA’s history. Today, the bank operates in 20 African countries and four global financial centres. It also serves more than 50 million customers across its markets. The board praised his leadership and lasting impact on the bank. It said,
“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.”
As a result, many industry watchers see his exit as the end of an important chapter for the bank.Reflecting on his retirement, Elumelu described his journey with UBA as one of the greatest moments of his career. He said,
“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 also expressed confidence in his successor. According to him,
“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.”
Meanwhile, Emmanuel Nnorom is preparing to lead the bank into its next phase. He is a chartered accountant with more than 40 years of experience in banking, finance, and auditing. His long service on UBA’s board also gives him a deep understanding of the institution. Speaking after his appointment, Nnorom said,
“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.”
The leadership transition will officially take effect on August 21, 2026.
