United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, following the completion of the maximum tenure allowed for non-executive directors.
The announcement was made after the bank’s board meeting on Monday, with UBA confirming that Emmanuel Nnorom, a current non-executive director, will succeed Elumelu as Group Chairman on the same date.
According to UBA, Elumelu’s retirement is in line with the Central Bank of Nigeria (CBN) corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors.
In a statement issued after the meeting, the bank praised Elumelu’s leadership and contributions to the institution’s growth.
“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 chairmanship, UBA strengthened its pan-African expansion strategy and now operates in 20 African countries and four global financial centres.
UBA also disclosed that it currently serves more than 50 million customers across its network.
Reacting to the announcement in a Facebook post titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on his decades-long association with the bank and his vision for the institution.
“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny — waiting to be transformed, waiting to be believed in.”
He stressed the importance of building lasting institutions rather than relying on individual personalities.
“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men.”
Explaining his decision to step aside, Elumelu said:
“Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter.”
Elumelu said his goal had always been to create a financial institution that connects Africa to itself and the rest of the world.
“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.”
He attributed the bank’s success to the dedication of its employees, management, directors, shareholders, regulators, customers and business partners.
Elumelu also welcomed Emmanuel Nnorom as the incoming Group Chairman, expressing confidence in his ability to lead the bank into its next phase of growth.
He urged shareholders, customers, partners and the entire UBA family to give Nnorom the same trust and support they had extended to him throughout his tenure.
Nnorom’s appointment will officially take effect on August 21, 2026, the same day Elumelu steps down after completing his 12-year tenure as Chairman of one of Africa’s largest financial institutions.
