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 corporate governance guidelines.
Following a board meeting on Monday, the bank confirmed that current non-executive director Emmanuel Nnorom will assume the role of Group Chairman on the same day Elumelu steps down.
In a statement, UBA praised Elumelu’s visionary leadership, noting that under his chairmanship, the bank strengthened its pan-African expansion, growing its presence to 20 African countries and four global financial centres while serving more than 50 million customers.
Reacting to the announcement, Elumelu described his departure as the beginning of a new chapter for the institution, saying leadership is about knowing when an organisation is ready to move forward. He reflected on his long-standing commitment to building an African financial institution capable of competing globally while driving the continent’s development.
According to him, UBA’s growth into a leading pan-African bank with operations across Africa and beyond fulfilled his vision of connecting Africa to itself and the world through a strong, enduring institution.
Elumelu also expressed confidence in Nnorom’s leadership, urging shareholders, customers, partners, regulators and the entire UBA family to give his successor the same trust and support they had shown throughout his tenure.