Tony Elumelu to Retire as UBA Group Chairman After 12 Years
United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, after completing the maximum 12-year tenure permitted for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The decision was approved at a meeting of the bank’s Board of Directors held on Monday as part of UBA’s succession and corporate governance process. The Board also approved the appointment of Emmanuel Nnorom, a Non-Executive Director of the bank, as the incoming Group Chairman. His appointment will take effect on August 21, 2026, following Elumelu’s retirement.
During his tenure as Chairman, Elumelu oversaw a period of significant growth and expansion for the pan-African financial institution. Under his leadership, UBA strengthened its position as one of Africa’s leading financial services groups, expanding its operations across 20 African countries with additional presence in four global financial centres, serving over 50 million customers worldwide.
In a statement, the bank commended Elumelu for his visionary leadership and invaluable contributions to its transformation into a truly global African bank, noting that his legacy has positioned the institution for sustained growth and long-term success.
Speaking on his retirement, Elumelu expressed gratitude to the Board, management, staff, shareholders and customers for their support throughout his tenure. He described UBA as an institution built on strong values and innovation, expressing confidence that the bank would continue to thrive under the leadership of Emmanuel Nnorom.
The leadership transition is expected to take effect on August 21, 2026, marking the end of Elumelu’s 12-year tenure as Group Chairman and the beginning of a new chapter in the bank’s history.
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