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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 for non-executive directors prescribed by the Central Bank of Nigeria (CBN). The bank also confirmed the appointment of long-serving Non-Executive Director Emmanuel Nnorom as the incoming Group Chairman, with his appointment taking effect on the same date.
In a statement issued after its board meeting, UBA praised Elumelu’s leadership, noting that under his chairmanship the bank expanded its pan-African footprint to 20 African countries while establishing operations in four global financial centres and growing its customer base to more than 50 million. The bank described his tenure as transformative, crediting him with strengthening UBA’s position as one of Africa’s leading financial institutions. Elumelu, reflecting on his departure, said he was leaving with “profound gratitude, immense pride, and great optimism for the future,” adding that his vision had always been to build an African institution capable of competing globally.
Nnorom, who has served on UBA’s board for several years, will assume leadership as the bank continues implementing its long-term growth strategy. The transition comes as Nigerian banks align with the CBN’s corporate governance guidelines on board tenure and succession planning. UBA expressed confidence that Nnorom’s experience, integrity and leadership would ensure continuity and sustain the bank’s growth trajectory across Africa and international markets.
