Tony Elumelu to Step Down as UBA Chairman After 12 Years, Bank Names Successor

• Tony Elumelu will retire as UBA Chairman on August 21 after completing the CBN’s 12-year tenure limit, with Emmanuel Nnorom set to take over as the bank’s new chairman.

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, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).

The bank also confirmed that current non-executive director Emmanuel Nnorom will take over as the new Group Chairman, with his appointment becoming effective on the same day Elumelu officially steps down.

In a statement, UBA praised Elumelu’s leadership, saying:

“The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.”

The bank noted that under his leadership, UBA expanded its footprint across Africa and now operates in 20 African countries alongside four global financial centres, serving more than 50 million customers.

Reacting to the announcement, Elumelu shared an emotional farewell message on Facebook, reflecting on his decades-long journey with the financial institution.

“Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter,” he wrote.

He added that his vision had always been to build an African institution capable of competing globally while driving the continent’s development.

“Today, that vision is reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally, while being deeply committed to our continent’s development.”

Elumelu also expressed confidence in his successor, Emmanuel Nnorom, urging shareholders, customers, partners and the entire UBA family to give him the same support they had shown throughout his tenure.