Tony Elumelu to Retire as UBA Chairman After 12 Years

(Tony Elumelu. Photo Credit: Arise News)

United Bank for Africa Plc (UBA) has announced the retirement of its Group Chairman, Tony Elumelu, from the Board of Directors, marking the end of a 12-year leadership tenure that transformed the bank into one of Africa’s largest financial institutions.

The bank disclosed that Elumelu will step down on August 21, 2026, having reached the 12-year tenure limit set for Non-Executive Directors of banks by the Central Bank of Nigeria.

At a meeting held on July 6, 2026, the Board approved his retirement and elected Non-Executive Director, Emmanuel Nnorom, as his successor, effective August 21, 2026.

Paying tribute to the outgoing chairman, the Board expressed deep appreciation for Elumelu’s visionary leadership and exceptional contribution to the strategic direction and institutional strength of the UBA Group, describing his tenure as a defining chapter in the Group’s history.

The bank noted that under his stewardship, UBA evolved into a pan-African institution operating in 20 African countries and four global financial centres, serving over 50 million customers.

Reflecting on his time at the helm, Elumelu described his years at the bank as one of the defining experiences of his professional life.

He said serving the institution had been one of the great privileges of his career, adding that UBA had built a unique competitive position both across Africa and globally, and that he was leaving the Board with strong confidence in the bank’s future.

Speaking in support of his successor, Elumelu described Nnorom as a leader of integrity, experience, and sound judgement, expressing confidence that the bank would continue to thrive under his leadership.

Nnorom, a chartered accountant with over four decades of experience in banking, finance, and audit, pledged to build on the institution’s legacy and sustain its growth trajectory.

He said he was honoured by the Board’s trust and conscious of the legacy he was inheriting, adding that he looked forward to working with colleagues on the Board, management, and staff across all markets to sustain UBA’s momentum and continue delivering long-term value to shareholders, customers, and other stakeholders.

UBA currently operates in 20 African countries as well as the United Kingdom, the United States, France, and the United Arab Emirates, serving more than 50 million customers globally with a workforce of about 25,000 employees.