Tony Elumelu retires as UBA Group Chairman after 12 years

Renowned banking expert Tony Elumelu is set to step down as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, after completing the maximum 12-year tenure allowed for non-executive directors under Central Bank of Nigeria (CBN) corporate governance guidelines.

The bank announced the retirement alongside the appointment of Emmanuel N. Nnorom, a current Non-Executive Director on the board, as Elumelu's successor. Both the retirement and the new appointment will take effect on the same date.

The decisions were approved at a board meeting held on July 6, 2026.

In marking Elumelu's exit, the UBA board described his tenure as one of the most transformative in the bank's history, noting that under his leadership, the bank grew into one of Africa's foremost financial institutions, with operations across 20 African countries and a presence in financial centres across four continents, serving over 50 million customers.

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When Elumelu assumed the chairmanship in 2014, UBA's total assets stood at N2.76 trillion. By the first quarter of 2026, that figure had surged to N33.13 trillion, a growth of more than 1,100 per cent over 12 years.

Reflecting on his time at the bank, Elumelu said he was leaving with full confidence in UBA's future.

"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, adding that Nnorom was "a leader of integrity, experience, and sound judgement."

Nnorom, who is a chartered accountant with over four decades of experience in banking, finance, and auditing, said he was conscious of the weight of the legacy he was inheriting.

"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," he said.

ID/BAI