United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, after completing the maximum 12-year tenure allowed for non-executive directors under the Central Bank of Nigeria’s (CBN) corporate governance guidelines.
The bank also announced the appointment of Emmanuel Nnorom, currently a Non-Executive Director on the board, as the incoming Group Chairman. His appointment will take effect on the same day Elumelu steps down, ensuring a smooth leadership transition. The decisions were approved by UBA’s Board of Directors at its meeting held on July 6, 2026.
In a statement, UBA thanked Elumelu for his leadership and contributions over the past 12 years, describing his tenure as one of the most significant periods in the bank’s history.
According to the bank, Elumelu helped strengthen UBA’s position as one of Africa’s leading financial institutions. During his time as chairman, the bank expanded its operations across 20 African countries and established a presence in four major global financial centres. UBA also said it now serves more than 50 million customers across its markets.
Commenting on his retirement, Elumelu said serving UBA had been one of the greatest privileges of his career. He expressed confidence in the bank’s future and described Emmanuel Nnorom as a leader with integrity, experience and sound judgement.
“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,” he said.
Nnorom, a chartered accountant with more than four decades of experience in banking, finance and auditing, said he was honoured by the appointment and pledged to build on the bank’s achievements.
“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.
