United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. 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.
Newsonspot reports that the decision was approved at the bank’s board meeting, with UBA confirming that Emmanuel N. Nnorom, currently a non-executive director, will assume the position of Group Chairman on the same day Elumelu officially steps down.
In a farewell message titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on his vision of building institutions that outlive individuals and contribute to Africa’s long-term economic transformation.
According to him, Africa’s greatest challenge is not a shortage of talented people but the need for stronger institutions capable of driving sustainable growth across generations. He said his ambition was to build a truly African financial institution that connects the continent with global markets while creating opportunities for businesses, governments, entrepreneurs and millions of customers.
During his 12-year tenure as Chairman, UBA expanded into one of Africa’s leading financial institutions, growing its footprint to 20 African countries while maintaining operations in four international financial centres. Today, the bank serves more than 50 million customers across its network, reinforcing its position as Africa’s Global Bank.
Elumelu expressed confidence in his successor, describing Emmanuel Nnorom as a seasoned leader with the experience and vision to build on UBA’s strong foundation. He urged shareholders, customers, employees and business partners to support the incoming chairman as the bank enters a new phase of growth.
He also reaffirmed his commitment to Africapitalism, his philosophy that Africa’s private sector should lead the continent’s economic development through long-term investments, entrepreneurship and value creation.
Beyond UBA, Elumelu said he will continue focusing on empowering entrepreneurs and driving economic growth across the continent through Heirs Holdings and the Tony Elumelu Foundation.
“As I close this chapter at UBA, I do so not with nostalgia, but with excitement for the future of UBA, the future of African enterprise, and the limitless opportunities that lie ahead for our continent,” he said.
UBA thanked Elumelu for his outstanding leadership, noting that his tenure played a significant role in strengthening the institution, expanding its operations across Africa and positioning the bank for continued success.
The leadership transition marks the end of an era for UBA and the beginning of a new chapter under Emmanuel Nnorom, as the bank continues to strengthen its position while complying with the Central Bank of Nigeria’s corporate governance framework.
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