After more than a decade at the helm of one of Africa’s most influential financial institutions, Tony Elumelu is set to step down as Chairman of United Bank for Africa (UBA), marking the end of a transformative era for the banking giant. UBA announced that Elumelu will officially retire from the Board on August 21, 2026, in compliance with Central Bank of Nigeria regulations that limit the tenure of non-executive directors in commercial banks to 12 years.
The bank also confirmed the appointment of Emmanuel Nnorom as the new Group Chairman, effective the same date. The decision, approved during a Board meeting held on July 6, 2026, signals a carefully planned leadership transition aimed at ensuring continuity and stability within the institution. Nnorom, who currently serves as a Non-Executive Director, is expected to build on the strong foundation established during Elumelu’s tenure.
Under Elumelu’s leadership, UBA experienced remarkable growth, expanding its operations across 20 African countries while strengthening its presence in major global financial centres. The bank grew its customer base to more than 50 million people and accelerated its digital transformation efforts, making banking services more accessible to millions. His tenure also saw improvements in corporate governance and increased support for trade, investment, and economic development across the continent.
Paying tribute to the outgoing chairman, UBA’s Board described Elumelu’s leadership as visionary and instrumental to the institution’s success. In response, Elumelu reflected on his years of service with pride, describing his role at UBA as one of the greatest privileges of his career. He expressed confidence in the bank’s future and endorsed Nnorom as a leader with the experience, integrity, and judgment needed to guide the institution through its next chapter.
With more than four decades of experience in banking, finance, auditing, and corporate governance, Nnorom steps into the role at a critical moment for the industry. He has pledged to maintain UBA’s growth momentum while creating long-term value for shareholders, customers, and stakeholders. As the August handover date approaches, industry analysts view the transition as a strong signal of UBA’s commitment to corporate governance, regulatory compliance, and sustainable growth, ensuring the bank remains a dominant force in Africa’s financial landscape.