Tony Elumelu will bring his 12-year tenure as Chairman of United Bank for Africa (UBA) Plc to an end on August 21, 2026, following the expiration of the maximum tenure allowed for non-executive directors under the Central Bank of Nigeria (CBN) corporate governance guidelines.
The announcement was made after a meeting of the UBA Board of Directors held on Monday, July 6.
According to the bank, Elumelu’s departure is part of a planned leadership transition in line with regulatory requirements rather than a personal decision to retire from business.
With the transition date confirmed, Emmanuel Nnorom, a long-serving Non-Executive Director on the UBA Board, will assume the position of Group Chairman on the same day that Elumelu leaves office.
UBA Announces Leadership Transition
UBA described Tony Elumelu’s time as chairman as a defining period in the bank’s history, highlighting the institution’s continued growth across Africa and beyond under his leadership.
In its statement, the bank said:
“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.”
The board further noted that UBA strengthened its pan-African strategy during Elumelu’s chairmanship, expanding its operations to 20 African countries while establishing a presence in four major international financial centres.
The bank said these achievements have reinforced UBA’s position as one of Africa’s leading financial institutions.
The appointment of Emmanuel Nnorom is expected to ensure continuity in the bank’s long-term strategy.
Having served on the board as a Non-Executive Director for several years, he is familiar with the institution’s governance structure and future plans.
Tony Elumelu Reflects on His UBA Journey
Reacting to the announcement, Tony Elumelu expressed appreciation for the opportunity to serve the institution for more than a decade as chairman and for many more years in different leadership capacities.
He said:
“I conclude my tenure as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride and, most importantly, great optimism for the future.”
Elumelu explained that one of his major goals throughout his leadership was to help build a financial institution that would endure beyond individuals while strengthening Africa’s connection with the global economy through banking and finance.
His history with UBA stretches back well before his appointment as chairman. He became widely recognised after leading the transformation of Standard Trust Bank, which merged with UBA in 2005.
Following the merger, he served as the bank’s Group Managing Director and Chief Executive Officer, overseeing an aggressive expansion strategy across the African continent.
He stepped down as CEO in 2010 after reaching the CBN’s tenure limit for bank chief executives before returning to the institution in 2014 as Group Chairman, where he focused on providing strategic direction for the bank.
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During his time as chairman, UBA significantly expanded its footprint, strengthened its international presence, and increased its customer base to tens of millions across multiple markets.
Although he is leaving his position at UBA, Elumelu is not retiring from the business world. He will continue to lead Heirs Holdings as Chairman, remain Chairman of Transcorp Plc, and continue his work through the Tony Elumelu Foundation, which supports and funds African entrepreneurs across the continent.
His departure from UBA therefore marks the conclusion of an important chapter in the bank’s history while opening the door to a new leadership era under Emmanuel Nnorom.
At the same time, Tony Elumelu is expected to remain a prominent figure in Africa’s business, investment and philanthropic landscape through his ongoing leadership roles.
