Lagos, NIGERIA – United Bank for Africa (UBA) Plc on Monday announced that its iconic Group Chairman, Tony Elumelu, will formally retire from the financial institution’s board of directors on August 21, 2026.
The bank disclosed the major leadership transition following its board meeting, noting that the decision complies with corporate governance guidelines mandated by the Central Bank of Nigeria (CBN), which restrict non-executive directors to a maximum tenure of 12 years. Okay News reports that current non-executive director Emmanuel Nnorom has been designated as the incoming Group Chairman, with his appointment taking effect the same day Elumelu steps down.
Under Elumelu’s 12-year chairmanship, UBA aggressively pursued an ambitious pan-African expansion model, extending its operational footprint into 20 African nations alongside four pivotal global financial hubs. The commercial banking group now commands an institutional customer base exceeding 50 million individuals worldwide. The board placed on record its profound appreciation for Elumelu’s visionary strategy, which fortified the balance sheet and transformed the lender into a globally competitive asset.
In a farewell reflection titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu expressed deep gratitude and optimism for the bank’s next structural chapter, stressing that true leadership involves building sustainable structures that outlast individuals. He urged shareholders, customers, and international trade partners to extend the same steadfast support and institutional trust to Nnorom as he takes the helm of the multinational group.
