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 tenure for non-executive directors stipulated by the Central Bank of Nigeria (CBN).
The announcement was made at the bank’s Board meeting on Monday, where directors also approved the appointment of Emmanuel Nnorom, currently a non-executive director, as the incoming Group Chairman. His appointment will take effect on the same date Elumelu leaves office.
UBA said Elumelu’s retirement was in line with the CBN’s corporate governance guidelines, which prescribe a maximum of 12 years for non-executive directors in deposit money banks.
Paying tribute to the outgoing chairman, the Board credited him with driving the bank’s transformation into one of Africa’s leading financial institutions.
“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 bank said.
The bank noted that under Elumelu’s leadership, UBA expanded its footprint across the continent and strengthened its global presence.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres. The bank currently serves more than 50 million customers across its network,” the statement added.
In a farewell message shared on his Facebook page, Elumelu reflected on his journey at the helm of the bank, describing his years as chairman as an opportunity to help build a truly African institution capable of competing on the global stage.
“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.
He said Africa’s greatest challenge was not a shortage of talented people but the need for enduring institutions that transcend individual leaders.
“Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter. I conclude my tenure as Chairman of the Group Board of United Bank for Africa on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride and, most importantly, great optimism for the future.”
Elumelu said his vision had always been to build an institution that connects Africa with itself and the rest of the world while creating a legacy that would outlive any individual.
“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 attributed the bank’s growth to the collective efforts of its employees, management, board members, customers, regulators, shareholders and business partners.
Looking ahead, Elumelu expressed confidence in his successor, urging stakeholders to give Nnorom the same level of trust and support they had extended to him throughout his tenure.
“I warmly welcome Emmanuel Nnorom as the incoming Group Chairman. I have every confidence in his experience, leadership and deep understanding of our institution. I urge our shareholders, customers, partners and the entire UBA family to extend to him the same trust and support you have given me over the years.”
Nnorom is expected to assume office on August 21, marking the beginning of a new leadership chapter for the pan-African banking group as it continues to implement governance reforms in line with regulatory requirements.
