United Bank for Africa (UBA) has announced that its Chairman, Tony Elumelu, will retire from the board on August 21, 2026, bringing an end to a remarkable 12-year leadership journey at one of Africa’s biggest financial institutions.
The announcement followed a Board of Directors meeting held on July 6, where the bank also confirmed the appointment of Emmanuel Nnorom as the new Chairman, effective August 21.
Elumelu’s exit comes in compliance with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which set a maximum tenure of 12 years for non-executive directors in the banking sector.
During his time as chairman, UBA expanded its footprint across Africa and strengthened its presence in key international markets, reinforcing its position as one of the continent’s leading financial institutions.
Reflecting on his time at the bank, Elumelu described serving as UBA Chairman as one of the greatest honours of his career.
“UBA has established a unique competitive position across Africa and globally, and I leave the board with great confidence in the bank’s future,” he said.
The renowned businessman also expressed confidence in his successor, praising Nnorom’s leadership qualities and wealth of experience.
“I am confident that the bank will continue to thrive under his leadership,” Elumelu added.
Responding to his appointment, Emmanuel Nnorom thanked the board for the confidence placed in him and pledged to build on the bank’s achievements.
“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 to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” he said.
According to UBA, Nnorom is a chartered accountant with more than 40 years of experience in banking, finance and auditing. He has served as a non-executive director of the bank and previously held several senior leadership positions within the financial services industry.
Elumelu’s retirement marks the end of an era for UBA as the bank begins a new chapter under Nnorom’s leadership while complying with the CBN’s revised Code of Corporate Governance introduced in 2023.
