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Elumelu steps down as UBA chair, bank announces Emmanuel Nnorom as successor
Tony Elumelu will be stepping down as United Bank for Africa (UBA) board chairman, with Emmanuel Nnorom announced by the bank as successor.
The bank disclosed this on Monday during its board meeting, stating that Elumelu would retire from the board of directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria.
It further named Emmanuel Nnorom, a current non-executive director on the board, as incoming group chairman, effective August 21.
The bank appreciated Elumelu for his leadership and contributions to the growth of the institution in a statement issued after the meeting.
“The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.
“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards,” the statement read.
Elumelu who responded on his Facebook handle in a statement titled, “Celebrating an African Institution: My Farewell from UBA,” stated that he had served as chairman of an African institution that can be a global competitor and still remain committed to Africa’s development.
“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny — waiting to be transformed, waiting to be believed in.
“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men. Today is a day of huge excitement – of potential delivered and continued opportunity. Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter.
“I conclude my tenure as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride, and most importantly – great optimism for the future,” the statement read.
He noted that his stewardship had demonstrated that an African institution can be a global competitor and still remain committed to Africa’s development.
“Today, that vision is reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally, while being deeply committed to our continent’s development.
“This success belongs to generations of dedicated colleagues, exceptional management, visionary directors, loyal customers, supportive regulators, committed shareholders, and partners who believed in our shared purpose,” he added.
He expressed confidence in the experience of his successor to lead the bank towards greater heights, while calling on shareholders to render Nnorom the same support they extended him all these years.
