UBA: Tony Elumelu to Retire, Emmanuel Nnorom Named Successor

| By: Francis Onyemachi

United Bank for Africa (UBA) Plc has announced that its 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 pan-African bank also named Emmanuel N. Nnorom, a non-executive director on its board, as the incoming Group Chairman, effective August 21, 2026.

The leadership transition was announced in a statement issued by the bank on Monday, following approval at its Board meeting.

Elumelu will retire in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which set a maximum tenure of 12 years for non-executive directors of commercial banks.

During his tenure as Group Chairman, the bank became one of Africa’s leading financial institutions, expanded operations across 20 African countries, and strengthened its presence in four major global financial centres.

Under his leadership, UBA grew its customer base to more than 50 million across Africa and beyond while expanding its digital banking services, strengthening corporate governance, and supporting trade, investment, and economic development across its markets.

The Board commended Elumelu for his contributions, describing his leadership as visionary and pivotal to the bank’s growth over the past decade.

“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 statement said.

According to the bank, Elumelu leaves behind a stronger institution with a solid governance framework, improved operational resilience, and a clear strategic direction for future growth.

Speaking on his retirement, Elumelu described his years on the Board as one of the defining periods 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 also expressed confidence in his successor, saying Emmanuel Nnorom has the integrity, experience, and sound judgment needed to lead the Board into its next phase.

“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 said.

Nnorom is a chartered accountant and corporate executive with more than 40 years of experience in banking, finance, auditing, and corporate governance.

He has served as a Non-Executive Director on UBA’s Board and is widely regarded as having a deep understanding of the bank’s operations, strategic priorities, and governance framework.

The bank said his experience positions him to provide strong leadership as UBA enters its next phase of expansion and value creation.

Responding to his appointment, Nnorom pledged to build on the foundation laid by his predecessor.

“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.”

The leadership transition will take effect on August 21, 2026, when Elumelu formally retires from the Board.

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