Lagos, August 23, 2026 — Tony O. Elumelu, CFR, has officially retired as Group Chairman of United Bank for Africa (UBA) Plc, effective August 21, 2026, after completing the maximum 12-year tenure permitted for non-executive directors under Central Bank of Nigeria (CBN) corporate governance guidelines.
The transition, announced by the bank following a Board of Directors meeting in July, marks the end of a transformative era for one of Africa’s largest pan-African financial institutions.
UBA simultaneously elected Emmanuel N. Nnorom, a long-serving non-executive director, as the new Group Chairman, with his appointment taking effect on the same date to ensure a seamless handover.
In a regulatory notification to the Nigerian Exchange Limited, the Securities and Exchange Commission, and shareholders, UBA stated that the Board accepted Elumelu’s retirement letter and formally elected Nnorom as his successor. “The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the growth, transformation and institutional strength of the UBA Group,” the bank said.
Under Elumelu’s 12-year chairmanship, which began around 2014, UBA significantly expanded its footprint. The bank now operates in 20 African countries and maintains a presence in four global financial centres, serving more than 50 million customers across its network. His leadership is widely credited with strengthening the institution’s pan-African strategy, digital capabilities, and competitive position both on the continent and internationally.
Elumelu, a prominent Nigerian businessman, philanthropist, and founder of Heirs Holdings and the Tony Elumelu Foundation, has a long association with UBA dating back more than two decades. He previously led the transformative merger of Standard Trust Bank with UBA in 2005 and served as Group Managing Director and CEO before transitioning to the chairmanship.
Reflecting on his departure, Elumelu described his service as one of the great privileges of his career. “Serving United Bank for Africa has been one of the great privileges of my career. UBA has a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future. 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 said in the bank’s official statement.
In a separate farewell message shared publicly, he framed the exit as a moment of gratitude and optimism, emphasising his vision of building an African institution capable of competing globally while remaining committed to the continent’s development.
Nnorom, a chartered accountant with more than 40 years of experience in banking, finance, and audit, brings extensive leadership experience and deep institutional knowledge of UBA to the role. Upon his appointment, he stated: “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 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.”
Elumelu’s retirement aligns with CBN rules designed to promote board independence, stronger governance, and regular leadership renewal in the Nigerian banking sector. The guidelines prescribe a maximum 12-year tenure for non-executive directors of banks.
Elumelu is not stepping away from business. He continues to lead Heirs Holdings, Transcorp Plc, and the Tony Elumelu Foundation, while also expanding his interests in the energy sector, including an anticipated boardroom role at Seplat Energy.
Industry observers note that the orderly succession underscores UBA’s commitment to robust corporate governance. With Nnorom now at the helm of the Group Board, the bank enters its next chapter focused on sustaining growth, deepening financial inclusion, and advancing its pan-African and global ambitions under the operational leadership of Group Managing Director and CEO Oliver Alawuba.
The leadership change comes at a time when UBA remains one of Africa’s most prominent banking groups, with a strong balance sheet, expanding digital services, and a clear strategic direction shaped during Elumelu’s tenure.
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