The United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board on August 21, 2026, in line with the Central Bank of Nigeria’s corporate governance guidelines on directors’ tenure.
The bank disclosed on Monday that Emmanuel Nnorom, currently a Non-Executive Director on the Board, has been appointed as the incoming Group Chairman. His appointment will take effect on the same date, ensuring a seamless leadership transition.
According to UBA, the decisions were approved by the Board of Directors at its meeting held on July 6, 2026.
Elumelu’s retirement marks the end of a transformative era for the bank. During his tenure as Group Chairman, UBA expanded its operations across 20 African countries and strengthened its presence in four major global financial centres, growing its customer base to more than 50 million.
The bank also enhanced its digital banking capabilities, strengthened corporate governance standards, and increased support for trade, investment, and economic development across its markets.
In a statement, the Board commended Elumelu’s leadership, describing his contributions as instrumental to UBA’s growth and institutional strength. It noted that he leaves behind a stronger institution with a solid governance framework and a clear strategic direction.
Reflecting on his retirement, Elumelu described serving on UBA’s Board as one of the defining experiences of his career and expressed confidence in the bank’s future. He also endorsed Nnorom, describing him as a leader with integrity, experience and sound judgement.
Nnorom, a chartered accountant with more than four decades of experience in banking, finance, auditing and corporate governance, pledged to build on the foundation laid by his predecessor. He said he would work with the Board, management and employees to sustain UBA’s growth and continue delivering long-term value to shareholders, customers and other stakeholders.