BREAKING: Tony Elumelu Retires As UBA Chairman, Bank Names Emmanuel Nnorom As Successor

United Bank for Africa (UBA) Plc has announced the retirement of its Group Chairman, Tony Elumelu, from the Board of Directors, bringing to a close a 12-year tenure that reshaped the pan-African financial institution and strengthened its position as one of the continent’s leading banking groups.

The bank disclosed on Monday that Elumelu will formally retire from the Board on August 21, 2026, in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of commercial banks.

UBA also announced the appointment of Emmanuel Nnorom, a Non-Executive Director on its Board, as the incoming Group Chairman.

His appointment will take effect on the same date, ensuring a seamless leadership transition.

The decisions were approved by the Board of Directors at its meeting held on July 6, 2026, the bank said in a statement.

Elumelu’s exit marks the end of a significant chapter in UBA’s corporate history. During his tenure as Group Chairman, the bank consolidated its status as one of Africa’s foremost financial institutions, expanded its footprint across 20 African countries, and strengthened its presence in four major global financial centres.