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 (CBN).
The decision was announced on Monday following a meeting of the bank’s Board of Directors. UBA also confirmed the appointment of current Non-Executive Director, Emmanuel Nnorom, as the incoming Group Chairman, effective August 21, 2026.
In a statement, the bank commended Elumelu for his visionary leadership and immense contributions to the institution’s growth, noting that under his chairmanship, UBA expanded its presence to 20 African countries and established operations in four global financial centres. The bank currently serves more than 50 million customers.
Tony Elumelu to hand over to Emmanuel Nnorom as UBA Chairman in August
The bank stated that Elumelu’s retirement aligns with the CBN’s corporate governance guidelines, which set a 12-year tenure limit for non-executive directors to strengthen board independence and governance.
Reacting to the announcement, Elumelu described his departure as the beginning of a new chapter for the institution.
In a Facebook post titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on his vision of building a bank that would unite Africa and compete globally.
“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny waiting to be transformed,” he wrote.
He added that Africa’s greatest challenge is not a shortage of talented people but a shortage of enduring institutions, expressing satisfaction that UBA has become one of the continent’s leading financial institutions.
Elumelu said the bank’s mission was to connect Africa to itself and the rest of the world while creating an institution that would outlive individuals. He noted that UBA now operates across 20 African countries and four continents, supporting trade, investment and economic development.
He expressed gratitude to the bank’s employees, management, directors, customers, regulators, shareholders and partners for their support throughout his tenure.
Elumelu also welcomed Emmanuel Nnorom as his successor, expressing confidence in his leadership, experience and understanding of the bank. He urged shareholders, customers and staff support Nnorom the way they had supported him over the years.
