Tony Elumelu to Step Down as UBA Chairman, Nnorom Named Successor

United Bank for Africa (UBA) has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors in line with the Central Bank of Nigeria’s corporate governance guidelines.

The bank also named Emmanuel Nnorom, a non-executive director on the board, as the incoming Group Chairman. His appointment will take effect on the same day Elumelu steps down, ensuring a seamless leadership transition.

The decision was approved by UBA’s Board of Directors at its meeting on Monday.

In a statement, the bank commended Elumelu for his leadership over the past 12 years, noting that his tenure was marked by significant growth and expansion across Africa and key international markets. It said UBA now operates in 20 African countries, maintains a presence in four global financial centres and serves more than 50 million customers.

Speaking on the transition, Elumelu described serving as UBA Chairman as one of the greatest privileges of his career and expressed confidence that the bank would continue to grow under Nnorom’s leadership.

Nnorom is expected to assume office as Group Chairman on August 21, following Elumelu’s retirement from the board.