NEWS
UBA Announces Tony Elumelu’s Retirement as Group Chairman, Appoints Emmanuel Nnorom as 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 bank also announced the appointment of Emmanuel N. Nnorom, a Non-Executive Director, as the new Group Chairman with effect from August 21, 2026.
UBA disclosed the development in a statement issued on Monday, revealing that the decision followed a Board meeting held on July 6, 2026, during which the Board formally accepted Elumelu’s retirement and unanimously elected Nnorom as his successor.
According to the bank, Elumelu’s exit from the Board 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 transition is expected to ensure continued compliance with regulatory standards while maintaining stability in the institution’s leadership.
Reflecting on his years of service, Elumelu described his stewardship of the pan-African financial institution as one of the most rewarding experiences of his professional life.
“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.”
Taking over the leadership of the Board, Nnorom expressed appreciation for the confidence reposed in him and pledged to build on the bank’s remarkable achievements while advancing its long-term strategic objectives.
“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 Board paid glowing tribute to Elumelu’s leadership, describing his tenure as transformational and instrumental in strengthening the bank’s growth, governance and strategic direction.
Under Elumelu’s leadership, UBA consolidated its position as one of Africa’s leading financial institutions, significantly expanding its operations beyond Nigeria into a truly pan-African banking group. The bank currently operates in 20 African countries and maintains an international presence in the United Kingdom, the United States, France and the United Arab Emirates, serving more than 50 million customers across its global network.
The bank noted that Nnorom brings over four decades of extensive experience in banking, finance and audit to his new role. A chartered accountant and seasoned corporate executive, he has served on UBA’s Board as a Non-Executive Director, where he contributed to the bank’s governance framework and strategic decision-making.
His appointment is expected to provide continuity in the institution’s leadership while reinforcing its commitment to sound corporate governance, innovation and sustainable growth.
UBA remains one of Africa’s largest banking groups, offering retail, commercial and institutional banking services across its markets. The financial institution employs approximately 25,000 people and serves more than 50 million customers through its extensive network across Africa and key intern
ational financial centres.