Tony Elumelu Bows Out as UBA Chairman After Completing Maximum Tenure

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 as stipulated by the Central Bank of Nigeria (CBN). The decision was reached during the bank’s board meeting on Monday, where UBA also confirmed the appointment of current non-executive director Emmanuel Nnorom as the incoming Group Chairman. His appointment will take effect immediately after Elumelu’s retirement. In a statement, the bank praised Elumelu’s leadership, describing his tenure as transformative. UBA noted that under his chairmanship, the institution significantly expanded its pan-African footprint and now operates in 20 African countriesalongside offices in four global financial centres, serving more than 50 million customers across its network.

The bank said Elumelu’s leadership strengthened UBA’s position as one of Africa’s leading financial institutions while supporting the implementation of governance reforms aimed at enhancing board independence and corporate accountability. Reacting to the announcement, Elumelu reflected on his decades-long association with the bank, describing UBA as an institution built to connect Africa with itself and the rest of the world. He said his vision had always been to create an African financial institution capable of competing globally while contributing meaningfully to the continent’s economic development. According to him, the bank’s growth is the result of the collective efforts of its employees, management, directors, regulators, shareholders, customers and business partners who shared in its long-term vision. Elumelu also expressed confidence in his successor, Emmanuel Nnorom, describing him as an experienced leader with a deep understanding of the bank’s operations and strategic direction. He urged shareholders, customers and members of the UBA family to give Nnorom the same support and confidence they had extended to him throughout his tenure. The leadership transition comes as Nigerian banks continue to comply with the CBN’s corporate governance framework, which limits the tenure of non-executive directors to strengthen transparency, accountability and institutional continuity.

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