Tony Elumelu to is set to retire as UBA Chairman after 12 years and Emmanuel Nnorom has been named as his successor.
NewsOnline Nigeria reports that United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board on August 21, 2026, after 12 years of leading the pan-African financial institution.
The retirement is in compliance with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors.
Elumelu, a billionaire investor and leading advocate of Africapitalism, has served as Chairman of UBA since 2014, overseeing one of the bank’s most significant periods of expansion and transformation.
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During his tenure, UBA strengthened its position as one of Africa’s leading financial institutions, expanding operations to 20 African countries while extending its global footprint across four continents.
Today, the bank serves more than 50 million customers and maintains operations in the United Kingdom, France, the United Arab Emirates, as well as a commercial deposit-taking licence in the United States.
Following Elumelu’s retirement, the UBA Board of Directors has unanimously appointed Emmanuel N. Nnorom as the new Group Chairman.
Nnorom, a seasoned banking professional and long-serving Non-Executive Director of the bank, is a chartered accountant with more than four decades of experience spanning finance, auditing, risk management, and corporate governance.
Commenting on his retirement, Elumelu described his time as Chairman of UBA as one of the greatest honours of his professional career.
He expressed confidence that the bank would continue its growth trajectory under Nnorom’s leadership, noting that UBA remains well-positioned to drive innovation, financial inclusion, and sustainable value creation across Africa.
Although stepping down as UBA Chairman, Elumelu will continue to oversee his broader business interests, including Heirs Holdings and Transcorp Group. He is also expected to assume the position of Chairman of Seplat Energy in January 2027.
The leadership transition marks the end of a transformative era for UBA and ushers in a new chapter under Emmanuel Nnorom as the bank continues to strengthen its position as a leading pan-African financial institution.
