Elumelu retires as UBA Chairman, Nnorom takes charge

United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).

The announcement was made on Monday following a meeting of the bank’s Board of Directors.

UBA also confirmed the appointment of Emmanuel Nnorom, currently a non-executive director on the board, as the incoming Group Chairman.

His appointment will take effect immediately after Elumelu’s retirement.

In a statement, the bank described Elumelu’s exit as the end of a transformative era marked by strategic expansion and institutional growth.

“The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement said.

It noted that under Elumelu’s leadership, UBA significantly strengthened its pan-African footprint, expanding operations to 20 African countries while establishing a presence in four global financial centres.

The bank said it now serves more than 50 million customers across its network, adding that Elumelu’s retirement reflects the banking industry’s commitment to the CBN’s corporate governance guidelines, which prescribe a maximum 12-year tenure for non-executive directors to promote board independence and stronger governance.

Reacting to the announcement, Elumelu reflected on his journey at the bank in a farewell message posted on his Facebook page titled, “Celebrating an African Institution: My Farewell from UBA.”

He described his departure as a moment of gratitude and optimism, saying his vision had always been to build an African institution capable of competing globally while remaining committed to the continent’s development.

“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny—waiting to be transformed, waiting to be believed in,” he wrote.

Elumelu said Africa’s greatest challenge was not a shortage of talented people but the need for enduring institutions.

“Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter,” he said.

Reflecting on his tenure, he said UBA had achieved the vision of connecting Africa to itself and the rest of the world.

“Today, that vision is reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally while being deeply committed to our continent’s development,” he said.

Elumelu attributed the bank’s success to its employees, management, directors, customers, regulators, shareholders and partners, describing it as a collective achievement built over decades.

He also expressed confidence in his successor, Emmanuel Nnorom, saying he possesses the experience, leadership and deep understanding of the bank required to lead it into its next phase.

Elumelu urged shareholders, customers, partners and members of the UBA family to extend the same trust and support they gave him to Nnorom as he assumes leadership of the board.

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