Tony Elumelu to retire as UBA chairman in 2026, Emmanuel Nnorom appointed successor
By Aboki Forex —
United Bank for Africa Plc has announced that Group Chairman Tony Elumelu will retire from the board on August 21, 2026. The bank appointed Emmanuel Nnorom as the incoming Group Chairman, with his tenure taking effect on the same day.
Elumelu steps down after completing the 12 year maximum limit permitted for non executive directors under the Central Bank of Nigeria’s corporate governance guidelines. The bank disclosed the exit on Monday, July 6, following its board meeting.
Why Elumelu is stepping down
The exit is in line with CBN rules that require a non executive director not to serve for more than 12 years. The policy aims to foster stronger corporate governance and board independence. UBA stated in a release: “The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.”
UBA credited Elumelu with expanding the bank’s African presence to 20 countries and its footprint in four global financial centres. The group now serves more than 50 million customers.
Elumelu’s farewell message
In a post on X titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu said he was leaving with a sense of celebration and the start of a new chapter. He wrote: “On August 21, I’ll conclude my 12-year tenure as Chairman of UBA; upon the completion of the maximum 12-year tenure prescribed for Non-Executive Directors of Banks by the Central Bank of Nigeria.”
He added: “I welcome Emmanuel N. Nnorom as the next Chairman of Africa’s global bank, now serving over 50 million customers across 20 countries and 4 continents. I have full confidence in his leadership and I ask the public to extend to him the same trust and support you have so generously given me over the years.”
Elumelu said he was closing this chapter with excitement for the future of UBA, Africapitalism, and the continent. He wrote: “I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny waiting to be transformed, waiting to be believed in.”
He explained that Africa’s primary problem was not a lack of talented people but the absence of enduring institutions that outlive individuals. “Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter. I leave this role with profound gratitude, immense pride, and most importantly, great optimism for the future,” he said.
He continues his lifelong commitment to building African institutions, advancing entrepreneurship, and investing in businesses through Heirs Holdings and the Tony Elumelu Foundation.
What this means for the naira and Nigerian businesses
Elumelu’s orderly succession under CBN governance rules signals stability at one of Nigeria’s largest banks. For businesses and customers, the transition is planned well in advance, reducing uncertainty. UBA’s continued expansion across Africa and global financial centres supports trade flows and remittance channels that affect naira liquidity and cross border transactions.