United Bank for Africa (UBA) has announced the retirement of its Group Chairman, Tony O. Elumelu, bringing to a close a remarkable 12-year tenure during which the bank was transformed into one of Africa’s leading financial institutions.
The announcement followed a meeting of the Board of Directors held on Monday, July 6, 2026, where the Board formally accepted Elumelu’s retirement, which will take effect on August 21, 2026. His exit is in line with the 12-year tenure limit for non-executive directors of banks as prescribed by the Central Bank of Nigeria.
The Board also approved the appointment of Emmanuel N. Nnorom, currently a Non-Executive Director of UBA, as the new Group Chairman. His appointment takes effect from August 21, 2026.
In paying tribute to Elumelu, the Board praised his visionary leadership and immense contributions to the growth and strategic direction of the bank, describing his tenure as one of the most significant periods in UBA’s history.
Under Elumelu’s leadership, UBA expanded its footprint across Africa and beyond, evolving into a truly pan-African financial institution. Today, the bank operates in 20 African countries and four global financial centres—the United Kingdom, the United States, France and the United Arab Emirates—serving more than 50 million customers with a workforce of about 25,000 employees.
Reacting to his retirement, Elumelu described serving UBA as one of the greatest honours of his professional career.
“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. 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.”
His successor, Emmanuel Nnorom, expressed gratitude for the confidence reposed in him by the Board and pledged to build on the bank’s strong foundation.
“I am honoured by the trust the Board has placed in me and 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.”
A chartered accountant with more than four decades of experience in banking, finance and audit, Nnorom is widely regarded as an accomplished financial executive with extensive leadership experience and deep institutional knowledge of UBA.
His appointment signals a smooth leadership transition for one of Africa’s largest banking groups, as the institution seeks to consolidate its continental presence, strengthen innovation, and sustain long-term growth.
UBA, widely known as Africa’s Global Bank, remains one of the continent’s most prominent financial institutions, providing retail, commercial and institutional banking services while driving financial inclusion and digital banking innovation across its markets.
