Tony Elumelu to step down as UBA chairman, Emmanuel Nnorom named as replacement

United Bank for Africa has announced that its Group Chairman, Tony Elumelu, will retire from the Board on August 21, 2026, in compliance with the Central Bank of Nigeria corporate governance guidelines on directors’ tenure.

The bank disclosed that Emmanuel Nnorom has been appointed as the incoming Group Chairman, with his appointment taking effect on the same date to ensure a smooth leadership transition.

UBA said the appointments were approved by its Board of Directors during a meeting held on July 6, 2026.

Elumelu’s retirement brings to a close a transformative period in the bank’s history. Under his leadership, UBA expanded operations to 20 African countries, strengthened its presence in four global financial centres, and grew its customer base to more than 50 million.

The bank also said it significantly improved its digital banking services, strengthened corporate governance standards, and increased support for trade, investment and economic development across its markets.

In a statement, the Board praised Elumelu’s leadership, describing his contributions as instrumental to UBA’s growth and institutional development, while noting that he leaves behind a stronger organisation with a solid governance structure and clear strategic direction.

Commenting on his retirement, Elumelu described serving as Chairman of UBA as one of the defining experiences of his career and expressed confidence in the bank’s future. He also endorsed Nnorom, describing him as a leader with integrity, sound judgement and extensive experience.

Nnorom, a chartered accountant with more than 40 years of experience in banking, finance, auditing and corporate governance, pledged to build on the foundation laid by Elumelu and work with the Board, management and staff to sustain UBA’s growth while delivering long-term value to shareholders, customers and other stakeholders.