United Bank for Africa (UBA) Plc has announced the Elumelu retirement from its Board of Directors, bringing to a close a remarkable chapter in the bank’s leadership. Mr. Tony O. Elumelu, CFR, will retire on 21 August 2026 after completing the 12-year tenure limit for Non-Executive Directors prescribed by the Central Bank of Nigeria.
The Board, at its meeting on 6 July 2026, accepted the Elumelu retirement and approved the appointment of Mr. Emmanuel N. Nnorom, a Non-Executive Director, as the new Group Chairman. His appointment takes effect on 21 August 2026, ensuring a seamless leadership transition.
Elumelu retirement follows regulatory tenure limit
The Elumelu retirement comes in line with the Central Bank of Nigeria’s tenure requirements for Non-Executive Directors. However, the Board described his leadership as a defining period in UBA’s history, crediting him with strengthening the bank’s strategic vision and expanding its presence across Africa and key international markets.
Under Elumelu’s stewardship, UBA evolved into a truly pan-African institution, operating in 20 African countries and four global financial centres while serving more than 50 million customers.
In addition, the Board expressed profound appreciation for his visionary leadership and enduring contribution to the Group’s institutional strength.
Commenting on the Elumelu retirement, the outgoing chairman said, “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 added, “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.”
Mr. Emmanuel N. Nnorom, a chartered accountant with more than 40 years of experience in banking, finance and audit, will assume office as Group Chairman on 21 August 2026. He brings extensive leadership experience and deep institutional knowledge gained through his years on the UBA Board.
Speaking after his appointment, Nnorom said, “I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit.”
He continued, “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.”
Meanwhile, the Elumelu retirement represents more than a leadership change. It reflects UBA’s commitment to sound corporate governance, orderly succession planning and long-term institutional stability. Therefore, the appointment of Nnorom is expected to provide continuity as the bank pursues its next phase of growth across Africa and global markets.
United Bank for Africa Plc, known as Africa’s Global Bank, operates in 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates. The bank employs approximately 25,000 people and serves more than 50 million customers through its retail, commercial and institutional banking businesses.
