Tony Elumelu to retire as UBA Chairman in 2026, Emmanuel Nnorom named successor
By Aboki Forex —
United Bank for Africa (UBA) Plc has announced that Group Chairman Tony O. Elumelu will retire from the Board of Directors on August 21, 2026, after completing the 12-year tenure limit for non-executive directors. The bank has also appointed Emmanuel N. Nnorom, a Non-Executive Director on the board, as the incoming Group Chairman, with his appointment taking effect from August 21, 2026.
The developments were disclosed in a statement issued by the bank on Monday. According to UBA, the decision was approved at its board meeting on July 6, 2026.
Why Elumelu is stepping down
UBA said Elumelu’s retirement is in compliance with the Central Bank of Nigeria (CBN) corporate governance guidelines, which prescribe a maximum 12-year tenure for non-executive directors of banks. The Board expressed appreciation for his leadership, describing his tenure as one of the most transformative periods in the bank’s history.
“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the bank said.
UBA said Elumelu’s leadership helped transform the lender into one of Africa’s leading financial institutions, with operations spanning 20 African countries and financial centres in four continents. The Group now serves more than 50 million customers across its markets, cementing its position as one of the continent’s largest banking groups.
Elumelu speaks on his tenure
Commenting on his retirement, Elumelu described his time at UBA as one of the defining experiences of his professional career. “Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.
“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” Elumelu added.
Who is Emmanuel Nnorom?
The incoming chairman, Emmanuel Nnorom, is a chartered accountant with more than four decades of experience in banking, finance, and auditing. UBA said his extensive leadership experience and deep understanding of the institution position him well to lead the Board through its next phase of growth.
Responding to his appointment, Nnorom said he was committed to building on the bank’s achievements. “I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.
The leadership transition will take effect on August 21, 2026, following Elumelu’s retirement from the Board.
UBA’s growth under Elumelu
Under Elumelu’s chairmanship, UBA recorded one of the most significant growth phases in its history, with the bank’s balance sheet expanding more than tenfold. According to Nairalytics data, UBA’s total assets stood at N2.76 trillion in 2014 when Elumelu assumed the role of Group Chairman. By the end of the first quarter of 2026, total assets had surged to N33.13 trillion, representing an increase of more than 1,100% over the 12 years.
The growth reflects the bank’s aggressive pan-African expansion, stronger balance sheet, and rising customer base under his leadership.
For Nigerian businesses and the broader market, the orderly succession signals stability at one of the country’s largest banks. A smooth leadership transition at UBA, with assets now above N33 trillion, removes uncertainty for investors and reinforces confidence in the bank’s long-term direction under Nnorom.