United Bank for Africa (UBA) Plc has announced a major leadership transition, with its Group Chairman, Tony O. Elumelu, set to retire from the bank’s Board of Directors on August 21, 2026, after completing the maximum 12-year tenure allowed for non-executive directors under the guidelines of the Central Bank of Nigeria (CBN).
The decision, which marks the end of Elumelu’s tenure as chairman of one of Africa’s largest financial institutions, was approved by the UBA Board during a meeting held on July 6, 2026. The Board subsequently elected Emmanuel N. Nnorom, a Non-Executive Director of the bank, as the incoming Group Chairman, effective from August 21.
UBA described Elumelu’s period of leadership as a defining chapter in the bank’s history, highlighting his role in repositioning the institution as a major pan-African financial powerhouse with a presence across 20 African countries and operations in four major global financial centres.
Under his leadership, the bank expanded its reach, strengthened its international footprint and grew its customer base to more than 50 million people worldwide. UBA credited the growth and transformation of the institution to Elumelu’s strategic direction, corporate governance focus and commitment to building a globally competitive African banking brand.
“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the bank said in a statement.
Speaking on his retirement, Elumelu described his years of service at UBA as one of the most remarkable phases of his professional journey, expressing confidence in the bank’s future and the ability of the incoming chairman to continue the institution’s progress.
“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future.
“Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” Elumelu said.
Nnorom, who is a chartered accountant with more than four decades of experience spanning banking, finance and auditing, said he was committed to preserving UBA’s achievements while pursuing further growth and value creation for stakeholders.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” Nnorom said.
The incoming chairman’s appointment comes as UBA continues to strengthen its position as one of Africa’s leading financial institutions. The bank, often described as Africa’s Global Bank, operates in 20 African countries alongside international markets including the United Kingdom, United States, France and the United Arab Emirates.
With a workforce of about 25,000 employees, UBA provides retail, commercial and institutional banking services to more than 50 million customers globally. The leadership transition is expected to usher in a new phase for the bank while maintaining continuity with the strategic foundations established during Elumelu’s tenure.