United Bank for Africa has announced that Tony Elumelu will leave his position as Group Chairman in August 2026, with Emmanuel Nnorom taking over the role.
UBA announced the upcoming retirement of its Group Chairman, Tony Elumelu, after a board meeting held on Monday. Elumelu will step down on August 21, 2026, because he has reached the 12-year maximum limit for non-executive directors set by the Central Bank of Nigeria.
The bank has already chosen his replacement. Emmanuel Nnorom, who currently serves as a non-executive director, will become the new Group Chairman on the same day Elumelu retires.
The bank praised Elumelu’s time in office, saying his leadership brought major changes to the institution. During his tenure, UBA expanded its operations across Africa, now serving customers in 20 African countries. The bank also opened offices in four major financial centers around the world and grew its customer base to over 50 million people.
UBA stated that this change follows the CBN’s rules on corporate governance. These rules limit non-executive directors to 12 years of service to ensure stronger board independence and better governance practices.
Elumelu shared his thoughts about his journey with the bank on social media. He said his main goal was to build a strong African institution that could compete globally and help develop the continent. He noted that Africa does not lack talented people, but needs lasting institutions that can survive beyond individual leaders.
He expressed satisfaction that his vision of connecting Africa to the rest of the world has become real, with UBA now serving millions of customers across the continent and beyond.
Elumelu also showed confidence in his successor, describing Nnorom as an experienced leader who knows the bank well. He called on shareholders, customers, partners, and staff to support the new chairman as he takes over the role.
