Breaking: Tony Elumelu Retires as UBA Chairman

Tony Elumelu will retire as Group Chairman of United Bank for Africa on August 21, 2026, after completing the 12-year maximum tenure for non-executive directors prescribed by the Central Bank of Nigeria.

Elumelu, a billionaire investor and philanthropist, is stepping down in compliance with the apex bank’s corporate governance guidelines, bringing to an end a leadership tenure during which UBA strengthened its position as one of Africa’s leading financial institutions.

During his time as chairman, the bank expanded its footprint across the continent, growing into a pan-African banking group with operations in 20 African countries and four global financial centres. UBA also increased its customer base to more than 50 million.

Following his retirement, the bank’s Board of Directors has appointed Emmanuel N. Nnorom as the new Group Chairman. Nnorom, a long-serving Non-Executive Director and experienced banking executive, will succeed Elumelu and lead the board into its next phase.

Elumelu’s exit marks the end of an era for UBA, with the transition expected to ensure continuity in the bank’s strategic direction and corporate governance.