Tony Elumelu Bows Out as UBA Chairman After 12 Years
A new leadership era is set to begin at United Bank for Africa (UBA) as the institution prepares for the exit of its long-serving Group Chairman, Tony Elumelu.
The bank announced on Monday that Elumelu will retire from the Board of Directors on August 21, 2026, following the completion of the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria’s corporate governance guidelines.
To ensure a seamless transition, the board has appointed current Non-Executive Director, Emmanuel Nnorom, as the incoming Group Chairman. His appointment will take effect on the same day Elumelu officially leaves office.
In a statement issued after its board meeting, UBA commended Elumelu’s leadership, describing his tenure as instrumental in transforming the bank into one of Africa’s leading financial institutions.
Under his chairmanship, the lender expanded its footprint to 20 African countries while maintaining operations in four major international financial centres. Today, the bank serves more than 50 million customers across its global network.
Reflecting on his departure in a message shared on Facebook, Elumelu described the moment as the close of a remarkable chapter after decades of association with the institution.
He said his long-held vision was to build a truly African bank capable of competing on the global stage while driving the continent’s economic growth.
According to him, UBA’s expansion across Africa and beyond demonstrates that African-owned institutions can thrive internationally without losing their commitment to the continent’s development.
He added that the bank’s achievements were made possible through the dedication of employees, management, directors, regulators, shareholders, customers, and business partners who embraced the institution’s vision.
Elumelu also expressed confidence in his successor, Emmanuel Nnorom, noting that his extensive experience, leadership qualities, and deep understanding of the bank position him well to guide UBA into its next phase.
He urged shareholders, customers, partners, and members of the UBA family to offer Nnorom the same confidence and support they had extended to him throughout his tenure.
The transition comes as Nigerian banks continue to implement the Central Bank’s corporate governance framework aimed at strengthening board independence and promoting sound institutional governance.
