United Bank for Africa (UBA) Plc has announced the retirement of its Group Chairman, Mr. Tony O. Elumelu, CFR, from the Board of Directors, with effect from August 21, 2026, following the completion of the maximum 12-year tenure prescribed for non-executive directors of banks by the Central Bank of Nigeria (CBN).
The announcement was contained in a notification signed by the Group Company Secretary/Legal Counsel, Bili A. Odum, and released to the Nigerian Exchange Limited (NGX), the Securities and Exchange Commission (SEC), and the bank’s shareholders on Monday.
According to the statement, the Board, at its meeting held on July 6, 2026, accepted Elumelu’s retirement letter and unanimously elected Mr. Emmanuel N. Nnorom, a Non-Executive Director of the bank, as his successor. His appointment will also take effect from August 21, 2026.
The Board described Elumelu’s retirement as the end of a remarkable era, commending his visionary leadership and immense contributions to the growth, transformation and institutional strength of the UBA Group.
It stated that under his stewardship, the bank consolidated its position as one of Africa’s leading financial institutions with operations spanning several countries across the continent and internationally.
Commenting on the leadership transition, the Board expressed confidence that Nnorom possesses the experience and competence required to sustain the bank’s growth trajectory.
According to the bank, Nnorom is a chartered accountant with over 40 years of experience in banking, finance and audit. It noted that he brings to the role extensive leadership experience, sound professional judgment and deep institutional knowledge of UBA, having served on the bank’s Board as a Non-Executive Director.
Speaking on his retirement, Elumelu described his time as Chairman of UBA as one of the greatest privileges of his career.
He said: “Serving United Bank for Africa has been one of the great privileges of my career. UBA has a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future.
“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.”
The outgoing chairman’s comments underscore his confidence in the bank’s governance framework and the continuity of its long-term strategic direction.
Responding to his appointment, Nnorom thanked the Board for the confidence reposed in him and pledged to build on the institution’s strong legacy.
“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 comes as UBA continues to strengthen its footprint across Africa and other international markets, where it has established itself as one of the continent’s leading financial services groups.
The orderly succession is expected to ensure continuity in the bank’s corporate governance structure while positioning the institution to pursue its strategic growth objectives under a new chairman.
Tony Elumelu’s retirement marks the completion of the CBN’s statutory tenure for non-executive directors, bringing to a close 12 years of service on the UBA Board as Group Chairman. His successor, Emmanuel Nnorom, will officially assume office on August 21, 2026.
