United Bank for Africa, UBA Plc, has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors effective August 21, 2026.
The bank also announced the appointment of Emmanuel Nnorom as a Non-Executive Director and incoming Group Chairman, with effect from the same date.
UBA said the leadership transition was approved at its board meeting held on Monday.
In a statement, the bank said Elumelu’s retirement is in line with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of banks.
The Board commended Elumelu for what it described as his visionary leadership and exceptional contribution to the strategic growth and institutional strength of the UBA Group.
According to UBA, Elumelu’s tenure transformed the bank into a major pan-African financial institution, with operations across 20 African countries and four global financial centres, serving more than 50 million customers.
Commenting on his retirement, Elumelu described his service at UBA as one of the great privileges of his career, saying the bank had established a strong competitive position across Africa and globally.
“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.
Elumelu also expressed confidence in Nnorom, describing him as a leader of integrity, experience and sound judgement.
“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” Elumelu said.
Nnorom, in his response, said he was honoured by the confidence reposed in him by the Board and pledged to build on UBA’s achievements.
“I am honoured by the trust the Board has placed in me and am deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.
Nnorom is a chartered accountant with over four decades of experience in banking, finance and auditing.
He is a Fellow of the Institute of Chartered Accountants of Nigeria, ICAN, an honorary member of the Chartered Institute of Bankers of Nigeria, CIBN, and an alumnus of Templeton College, Oxford.
UBA said his experience and knowledge of the institution position him to lead the Board into its next phase of growth.