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 permitted for non-executive directors under the Central Bank of Nigeria's corporate governance guidelines.
The announcement followed a meeting of the bank's Board of Directors held on July 6, 2026, during which members accepted Elumelu's retirement and unanimously elected Emmanuel N. Nnorom, a long-serving Non-Executive Director, as the incoming Group Chairman. His appointment will take effect on the same date Elumelu steps down.
In a statement issued by the bank, the Board praised Elumelu for what it described as his visionary leadership and exceptional contribution to UBA's growth over the past twelve years.
It noted that his tenure marked a defining era during which the financial institution strengthened its position as one of Africa's leading banking groups.
Under Elumelu's leadership, UBA expanded its operations across 20 African countries and established a presence in four global financial centres, serving more than 50 million customers across its international network.
The bank said this growth reflects its commitment to promoting financial inclusion and supporting economic development across the continent.
Reacting to the announcement, Elumelu described serving as Chairman of UBA as one of the greatest privileges of his professional career.
He said the institution has evolved into a globally competitive African bank and expressed confidence that it is well positioned for continued growth under new leadership.
He also expressed strong confidence in Emmanuel Nnorom, describing him as a leader of integrity, experience and sound judgment who possesses a deep understanding of the institution. Elumelu urged shareholders, customers, employees and other stakeholders to extend the same support to his successor as they had given him throughout his tenure.
Incoming Chairman Emmanuel Nnorom thanked the Board for the confidence reposed in him and pledged to build on the bank's achievements.
He said he looks forward to working with the Board, management and staff across all UBA markets to sustain the institution's momentum and continue creating long-term value for shareholders and customers.
Nnorom is a chartered accountant with more than four decades of experience in banking, finance and auditing.
Before his appointment, he served as a Non-Executive Director of UBA and previously held several senior leadership positions within Nigeria's financial services industry.
The leadership transition comes as Nigerian banks continue implementing the Central Bank of Nigeria's revised corporate governance code, which introduced tenure limits for directors and chief executives to strengthen board independence, succession planning and institutional governance.
Industry analysts view the transition as one of the most significant leadership changes in Nigeria's banking sector this year, given Elumelu's influential role in expanding UBA into one of Africa's largest financial institutions and his broader contributions to entrepreneurship through the Tony Elumelu Foundation.
With Emmanuel Nnorom preparing to assume leadership in August, stakeholders will be watching closely to see how the bank builds on its pan-African expansion strategy while adapting to changing regulatory requirements and evolving opportunities across the continent's financial services landscape.