Tony Elumelu bows out as UBA Chairman, Nnorom takes over

By Kazeem Ugbodaga

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

The bank disclosed the development in a statement on Monday, saying its Board approved the transition at a meeting held on July 6, 2026, and elected Emmanuel N. Nnorom, a Non-Executive Director, as the new Group Chairman with effect from August 21.

UBA described Elumelu’s tenure as one of the most significant in the institution’s history, crediting him with steering the bank’s transformation into a leading pan-African financial institution with operations in 20 African countries and four global financial centres.

The lender said the bank now serves more than 50 million customers, attributing much of its growth and continental expansion to Elumelu’s strategic leadership.

“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 statement said.

Reflecting on his retirement, Elumelu described his years at the helm of the bank as one of the defining periods 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.

“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.

Nnorom, a chartered accountant with more than 40 years of experience in banking, finance and auditing, pledged to build on the bank’s achievements and sustain its growth trajectory.

“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,” he said.

UBA, widely regarded as Africa’s Global Bank, operates across 20 African countries as well as the United Kingdom, United States, France and the United Arab Emirates, employing about 25,000 people and providing retail, commercial and institutional banking services to more than 50 million customers worldwide.