Tony Elumelu has officially stepped down as Group Chairman of United Bank for Africa (UBA) Plc after completing the maximum 12-year tenure permitted for non-executive directors of Nigerian banks.
His retirement took effect on Friday, 21 August 2026, bringing to an end a 12-year tenure that the bank described as a defining chapter in the history of the UBA Group.
Elumelu’s departure follows a decision by the UBA Board at its meeting on 6 July to accept his retirement and appoint Emmanuel N. Nnorom, a long-serving non-executive director, as his successor. Nnorom assumed the position of Group Chairman on the same day Elumelu exited the board.
Under Elumelu’s leadership, UBA expanded its footprint into a major pan-African financial institution, with operations spanning 20 African countries and four international financial centres. The bank currently serves more than 50 million customers globally.
UBA credited the outgoing chairman with providing what it described as visionary leadership and making significant contributions to the bank’s strategic direction and institutional strength.
Elumelu, who has been closely associated with UBA for decades, said his departure marked the beginning of a new chapter for the institution rather than an end to his relationship with the bank.
In a farewell message, he said his time at UBA had been one of the great privileges of his career and expressed confidence in the institution’s future under Nnorom’s leadership.
His retirement from UBA does not mark an exit from business. Elumelu remains active in several major ventures, including Heirs Holdings, Transcorp Plc and the Tony Elumelu Foundation.
The transition also reflects Nigeria’s banking-sector governance rules, which prescribe a maximum 12-year tenure for non-executive directors of banks.
With Elumelu’s exit, attention now turns to Nnorom, a chartered accountant and veteran banker with more than four decades of experience in banking, finance and audit, as he takes responsibility for steering UBA into its next phase.
The leadership change comes as UBA continues to strengthen its position as one of Africa’s leading financial institutions, with an extensive continental network and growing international presence.
