United Bank for Africa (UBA) has confirmed that Tony O. Elumelu will step down as Group Chairman on August 21, 2026, marking the end of his 12-year tenure — the maximum term allowed for non-executive bank directors under Central Bank of Nigeria (CBN) rules.
The bank’s board formally accepted Elumelu’s retirement at a meeting on July 6, 2026, and used the same meeting to name his successor: Emmanuel N. Nnorom, who has served as a non-executive director on UBA’s board. Nnorom’s tenure as chairman begins the moment Elumelu’s ends.
UBA credited Elumelu’s twelve years at the helm with reshaping the bank into one of Africa’s most prominent financial institutions. Under his leadership, UBA extended its footprint into 20 African countries and opened operations in key global hubs — the United Kingdom, the United States, France and the United Arab Emirates. The lender now counts more than 50 million customers worldwide and employs roughly 25,000 people.
The board commended Elumelu for the strategic direction and international growth he brought to the group. In his own remarks, Elumelu called his time leading UBA one of the great privileges of his career, adding that he was leaving with full confidence in the bank’s trajectory. “UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.
He also spoke warmly of his successor, describing Nnorom as a person of integrity and sound judgement well equipped to carry the bank forward.
Nnorom, a chartered accountant with more than 40 years of experience across banking, finance and audit, said he was honoured by the board’s confidence in him. He committed to working closely with the board, management, and staff across UBA’s markets to keep the bank’s growth on track and continue delivering value to shareholders, customers, and other stakeholders.
UBA operates across retail, commercial, and institutional banking segments and remains one of the continent’s largest banking employers.
