United Bank for Africa (UBA) has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN). According to a statement issued by the bank and reported by Premium Times and ChannelsTv, the Board has elected Emmanuel N. Nnorom, a Non-Executive Director and seasoned banking executive, as the incoming Group Chairman, with his appointment taking effect immediately after Elumelu’s retirement.
The decision was approved at a Board meeting held on July 6, 2026, where directors paid tribute to Elumelu’s leadership, describing his tenure as transformational in positioning UBA as “Africa’s Global Bank.” During his 12 years as chairman, the lender expanded its footprint to 20 African countries and four international financial centres, serving more than 50 million customers across its network. In a statement, Elumelu said his objective had always been to build an institution that would outlive individuals while connecting Africa to global opportunities through innovation, entrepreneurship, and sustainable banking.
Incoming Chairman Emmanuel Nnorom brings more than 40 years of experience in banking, finance, and auditing to the role. A chartered accountant and long-serving member of UBA’s Board, Nnorom has held senior leadership positions across Nigeria’s financial services sector and is expected to oversee the bank’s next phase of strategic growth. He said he was honoured by the Board’s confidence and pledged to work closely with management and employees across all markets to sustain UBA’s momentum and continue delivering long-term value to shareholders, customers, and other stakeholders.
The leadership transition comes at a time when UBA continues to strengthen its position as one of Africa’s largest financial institutions, expanding digital banking, cross-border trade financing, and regional operations. Analysts say the orderly succession reflects strong corporate governance at one of the continent’s leading banks and positions UBA to build on its pan-African growth strategy under new leadership while maintaining continuity in its long-term vision.
