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. He is completing the maximum 12-year tenure for non-executive directors set by the Central Bank of Nigeria (CBN).
The Board announced the decision on Monday after its meeting on July 6, 2026. Directors accepted Elumelu’s retirement and unanimously elected Emmanuel Nnorom, a Non-Executive Director, as the new Group Chairman. He will assume office on August 21.
Elumelu’s departure marks the end of a significant chapter in UBA’s history. The Board described his tenure as a defining period that transformed the bank into one of Africa’s leading financial institutions.
The bank said his retirement complies with the CBN’s corporate governance guidelines. The rules limit non-executive directors of commercial banks to a maximum tenure of 12 years.
The Board thanked Elumelu for his visionary leadership and strategic direction. It also praised his role in strengthening governance, expanding UBA’s presence across Africa and positioning the bank among the continent’s foremost financial services groups.
During Elumelu’s tenure, UBA expanded across Africa and strengthened its international presence. The bank now operates in 20 African countries. It also maintains offices in the United Kingdom, the United States, France and the United Arab Emirates.
UBA serves more than 50 million customers through its retail, commercial and institutional banking businesses. It has also expanded financial inclusion by investing in digital banking and technology-driven services.
Reflecting on his retirement, Elumelu described serving UBA as one of the greatest honours of his professional career. He also expressed confidence in the bank’s future under Nnorom’s leadership.
“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 is a chartered accountant with more than four decades of experience in banking, finance and audit. He also brings extensive boardroom experience and deep institutional knowledge to the role.
Responding to his appointment, Nnorom thanked the Board for its confidence. He pledged to build on the bank’s achievements.
“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.
Founded in 1949, UBA has grown into one of Africa’s largest banking groups. It is also one of the continent’s biggest employers in the financial services industry, with about 25,000 employees.
The bank continues to strengthen its position as “Africa’s Global Bank.” It does so through its extensive regional and international network.
Investors responded positively to the leadership announcement on the Nigerian Exchange. UBA’s share price rose by N1.40, or 3.41 per cent, to close at N42.40 from N41.00.
A total of 13.768 million shares worth N577.82 million changed hands in 1,566 deals. The trading activity reflected strong investor confidence in the bank’s succession plan.
