 Plc has announced that Tony O. Elumelu will retire as Group Chairman on August 21, 2026.){kind=link}
Emmanuel Nnorom Succeeds Elumelu as UBA Chairman After 12 Years
United Bank for Africa (UBA) Plc has announced that Tony O. Elumelu will retire as Group Chairman on August 21, 2026, after completing the 12-year tenure limit for non-executive directors set by the Central Bank of Nigeria (CBN).
UBA also confirmed the appointment of Emmanuel N. Nnorom, currently a non-executive director, as the incoming Group Chairman. His appointment takes effect the same day Elumelu steps down.
The bank’s board, which approved the decision at its July 6 meeting, praised Elumelu’s leadership, describing his tenure as one of the most transformative in UBA’s history.
“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,” it said.
Under Elumelu’s chairmanship, UBA expanded aggressively across Africa and internationally, now serving over 50 million customers in 20 African countries and financial centres across four continents.
Reflecting on his retirement, Elumelu said, “Serving United Bank for Africa has been one of the great privileges of my career. I leave the Board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience, and sound judgement.”
Nnorom, a chartered accountant with more than 40 years of experience in banking, finance, and auditing, said he was honoured to succeed Elumelu.
“I am deeply conscious of the legacy I inherit and look forward to sustaining UBA’s momentum while delivering long-term value to shareholders, customers, and stakeholders,” he noted.
UBA highlighted that during Elumelu’s tenure, the bank’s balance sheet grew more than tenfold, from ₦2.76 trillion in 2014 to ₦33.13 trillion in Q1 2026, reflecting stronger financial performance and pan-African expansion.
The leadership transition marks the end of one of UBA’s most significant growth phases and sets the stage for Nnorom to guide the bank into its next era.