BREAKING: UBA Announces Tony Elumelu’s Retirement, Appoints New Chairman

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 12 years of service, in compliance with the Central Bank of Nigeria’s (CBN) corporate governance guidelines on the tenure of non-executive directors.

The bank also named Emmanuel N. Nnorom, a Non-Executive Director on the Board, as the incoming Group Chairman. His appointment, approved by the Board at its meeting on July 6, 2026, will take effect on the same day as Elumelu’s retirement, ensuring a seamless leadership transition.

Elumelu’s tenure saw UBA strengthen its position as one of Africa’s leading financial institutions, expanding operations across 20 African countries and maintaining a presence in four major global financial centres. During this period, the bank’s customer base grew to over 50 million, while it accelerated digital banking, strengthened corporate governance, and expanded support for trade and investment across the continent.

Paying tribute to the outgoing chairman, the Board 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.”

Reacting to his retirement, Elumelu described his time on the Board as one of the defining chapters of his professional 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.”

Expressing confidence in his successor, he added:

“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 with over four decades of experience in banking, finance, auditing and corporate governance, pledged to build on the foundation laid by Elumelu.

“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, which takes effect on August 21, 2026, is expected to ensure continuity in UBA’s long-term strategy while reinforcing the bank’s commitment to strong corporate governance and regulatory compliance.