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United Bank for Africa (UBA) Plc has announced the retirement of its Group Chairman, Mr Tony O. Elumelu, CFR, marking the end of a transformative 12-year leadership that reshaped the lender into one of Africa’s foremost financial institutions.
The bank disclosed that Elumelu will retire from the Board of Directors on August 21, 2026, having completed the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
At its meeting held on Monday, July 6, 2026, the Board accepted Elumelu’s retirement. It unanimously elected Mr Emmanuel N. Nnorom, a Non-Executive Director of the bank, as the new Group Chairman. His appointment will take effect on August 21, 2026.
In announcing the transition, the Board paid glowing tribute to Elumelu’s leadership, describing his tenure as a defining era in UBA’s history and acknowledging his immense contribution to the institution’s strategic growth and enduring strength.
According to the Board, Elumelu provided visionary leadership that transformed UBA into a truly pan-African banking powerhouse with operations in 20 African countries and four global financial centres, serving more than 50 million customers across its network.
The Board stated that under his stewardship, UBA consolidated its position as one of Africa’s leading financial institutions, expanding its continental footprint while strengthening its international presence and reinforcing its reputation as a bank connecting Africa to the rest of the world.
“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.
Commenting on his retirement, Elumelu described his years of service as one of the greatest privileges of his professional career.
“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,” he said.
Expressing confidence in his successor, Elumelu said Nnorom possesses the integrity, experience and sound judgment required to lead the bank into its next phase of growth.
“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,” he added.
The incoming Group Chairman, Emmanuel Nnorom, pledged to build on the strong foundation laid by his predecessor while sustaining the bank’s growth trajectory across its markets.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit,” Nnorom said.
“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 is a chartered accountant with over four decades of professional experience spanning banking, finance, and auditing.
The bank said his extensive leadership experience, coupled with his deep understanding of UBA’s operations and governance structure, positions him to provide continuity and strategic direction as the Group pursues its long-term growth ambitions.
The leadership transition comes at a time when UBA continues to strengthen its position as one of Africa’s largest financial services groups, with an expanding digital banking platform, growing international operations and increasing focus on supporting trade, investment and financial inclusion across the continent.
Industry analysts are expected to view the succession as a carefully planned transition that ensures continuity in governance while complying with the CBN’s corporate governance requirements for banks.
Elumelu’s retirement marks the close of an era during which UBA significantly expanded its African footprint, deepened its global reach and consolidated its position as a leading pan-African financial institution with a growing international presence.