Elumelu Steps Down As UBA Chairman After 12 Years

Tony Elumelu is stepping away from the Board of United Bank for Africa, closing out a 12-year tenure that reshaped the pan-African lender and cemented its place among the continent’s leading banking groups.

UBA disclosed on Monday that Elumelu will formally retire from the Board on August 21, 2026, in line with Central Bank of Nigeria governance rules that cap non-executive director tenure at 12 years for commercial banks. Taking his place as Group Chairman, effective the same date, will be Emmanuel Nnorom, currently a Non-Executive Director on the Board, in what the bank is framing as a seamless handover. The decisions were approved at a Board meeting held on July 6, 2026.

Elumelu’s exit closes a defining chapter in UBA’s history. Under his watch as chairman, the bank expanded its footprint across 20 African countries and strengthened its presence in four major global financial centres, growing its customer base to more than 50 million people across Africa and beyond. He also oversaw a deepening of the bank’s digital banking capabilities, tighter corporate governance standards, and expanded support for trade, investment and economic development across its markets.

The Board did not hold back in its tribute. “The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement read, adding that he leaves behind a stronger institution with a solid governance framework and a clear strategic direction for future growth.

For his part, Elumelu called his years on the Board one of the defining periods of his career. “Serving United Bank for Africa has been one of the great privileges of my career. 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, adding that he was confident Nnorom had the integrity, experience and judgement to lead the Board into its next phase.

Nnorom brings more than 40 years of experience spanning banking, finance, auditing and corporate governance to the role. Having already served as a Non-Executive Director on UBA’s Board, he is regarded as having a firm grasp of the bank’s operations, strategic priorities and governance framework, positioning him to lead its next phase of expansion. Responding to his appointment, Nnorom thanked the Board for its confidence and pledged continuity. “I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.

Industry watchers are reading the transition as a carefully planned succession, one that signals UBA’s continued commitment to strong governance and regulatory compliance while preserving the culture that has underpinned its growth. The handover takes full effect on August 21, when Elumelu formally retires and Nnorom assumes office as Group Chairman of one of Africa’s largest and most influential banking institutions.