Politics
Tony Elumelu steps down as UBA chairman
United Bank for Africa (UBA) Plc has announced that Tony Elumelu will step down as Group Chairman 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 bank also confirmed the appointment of Emmanuel Nnorom as the incoming Group Chairman, effective the same date.
Key Highlights:
- Tony Elumelu to retire as UBA Group Chairman on August 21, 2026.
- Retirement follows completion of the CBN-approved 12-year tenure for non-executive directors.
- Emmanuel Nnorom appointed as the new Group Chairman.
- UBA credits Elumelu with driving its pan-African expansion and institutional growth.
- The bank now operates in 20 African countries and four global financial centres.
- UBA currently serves more than 50 million customers worldwide.
The announcement was made on Monday following a meeting of the bank’s Board of Directors, which said the leadership transition aligns with the Central Bank of Nigeria’s corporate governance framework designed to strengthen board independence and accountability.
In a statement issued after the meeting, UBA expressed appreciation for Elumelu’s leadership, describing his tenure as transformative for the financial institution.
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“The Board places on record its profound appreciation to Mr. Tony Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement said.
According to the bank, Elumelu played a pivotal role in deepening UBA’s pan-African expansion strategy, transforming the institution into one of Africa’s leading financial services groups.
Under his leadership as chairman, UBA expanded its footprint to 20 African countries while maintaining operations in four global financial centres, serving more than 50 million customers across its network.
The Board also announced the appointment of Emmanuel Nnorom, currently a Non-Executive Director, as the new Group Chairman. His appointment will take effect immediately after Elumelu’s retirement on August 21, 2026.
The transition comes as Nigerian banks continue implementing the Central Bank’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors to promote stronger governance, board independence and institutional sustainability.
Industry observers say the leadership change marks the end of a significant era for UBA, with Elumelu widely credited for strengthening the bank’s continental presence and positioning it as one of Africa’s foremost financial institutions.
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