Tony Elumelu to Step Down as UBA Chairman After 12 Years, Emmanuel Nnorom Named Successor

Tony Elumelu will retire as Group Chairman of United Bank for Africa on August 21, 2026, after completing the 12-year tenure limit for non-executive directors stipulated by the Central Bank of Nigeria.

The announcement marks the end of Elumelu’s 12-year tenure at the helm of the pan-African financial institution, during which UBA significantly expanded its footprint across the continent and beyond.

Under his leadership, the bank grew into one of Africa’s leading financial institutions, establishing operations in 20 African countries and extending its presence across four continents, while serving more than 50 million customers.

The UBA Board has appointed Emmanuel Nnorom as the incoming Group Chairman. Nnorom, a long-serving Non-Executive Director of the bank, is expected to assume the role following Elumelu’s retirement.

His appointment comes as UBA prepares for a leadership transition in compliance with the CBN’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of commercial banks.

Elumelu, a renowned investor and philanthropist, is widely credited with strengthening UBA’s position as a leading pan-African bank while championing entrepreneurship across Africa through his philanthropic initiatives.

The leadership transition is expected to take effect on August 21, 2026, subject to all necessary regulatory processes.