United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).
The decision was announced on Monday following a meeting of the bank’s Board of Directors. UBA also confirmed the appointment of current Non-Executive Director, Emmanuel Nnorom, as the incoming Group Chairman. His appointment will take effect on the same day Elumelu officially steps down.
In a statement issued after the meeting, the bank commended Elumelu’s leadership, describing his tenure as transformational and instrumental to the institution’s growth across Africa and beyond.
“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,” the statement read.
UBA noted that under Elumelu’s chairmanship, the bank strengthened its pan-African expansion strategy, growing its presence to 20 African countries while maintaining operations in four global financial centres. The bank also said it now serves more than 50 million customers across its network.
According to the bank, Elumelu’s retirement aligns with the CBN’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors to promote board independence and strengthen governance standards.
Reacting to the announcement, Elumelu expressed gratitude for the opportunity to lead what he described as an African institution capable of competing on the global stage while remaining committed to the continent’s development.
In a Facebook post titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on his vision of building a truly pan-African financial institution.
“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,” he wrote.
He added that Africa’s greatest challenge is not a shortage of talented people but the lack of enduring institutions capable of outlasting individuals.
“Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter,” he stated.
Elumelu said he would conclude his tenure as Chairman on August 21, 2026, after 12 years in the role and decades of association with UBA, expressing confidence in the bank’s future.
He noted that his vision was to build an institution that would connect Africa to itself and the rest of the world while creating lasting value beyond individual leadership.
“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,” he said.
Elumelu also paid tribute to the bank’s employees, management, directors, shareholders, regulators, customers, and partners for their contributions to UBA’s success.
Welcoming his successor, Emmanuel Nnorom, Elumelu described him as an experienced leader with a deep understanding of the institution and expressed confidence in his ability to steer the bank into its next phase of growth.
He urged shareholders, customers, partners, and members of the UBA family to extend to Nnorom the same trust and support they had given him throughout his tenure.
