United Bank for Africa Plc (UBA) has announced that Group Chairman Tony Elumelu will retire on August 21, 2026, after serving the maximum 12-year tenure permitted for non-executive directors under the Central Bank of Nigeria's (CBN) corporate governance guidelines. The bank also appointed Emmanuel Nnorom, a current non-executive director, as the new Group Chairman, effective the same day.
Elumelu's Tenure and Achievements
UBA credited Elumelu with visionary leadership that expanded the bank's African presence to 20 countries and its global footprint to four financial centres, now serving over 50 million customers. The bank's statement highlighted: "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."
Elumelu's exit aligns with CBN rules that limit non-executive directors to 12 years, aiming to strengthen corporate governance and board independence.
Elumelu's Farewell Message
In a post on X titled "Celebrating an African Institution: My Farewell from UBA," Elumelu described his departure as a celebration and the start of a new chapter. He wrote: "I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny – waiting to be transformed, waiting to be believed in."
He emphasized that Africa's main challenge is not a lack of talent but a lack of enduring institutions that outlive individuals. "Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter," he stated.
Successor Appointment
Elumelu expressed confidence in Emmanuel Nnorom, saying he possesses the leadership skills, extensive experience, and in-depth knowledge of UBA to steer the bank forward. He urged shareholders, customers, partners, and the entire UBA family to extend the same trust and support to Nnorom as they gave him.
The bank's statement confirmed that Nnorom's appointment takes effect from August 21, 2026, the same day Elumelu steps down.
Impact on UBA's Future
Elumelu noted that UBA's journey was driven by a vision to connect Africa to itself and the world, creating an institution that would outlive its founder. He said, "Today, that vision is a reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally, while being deeply committed to our continent's development."
He credited UBA's growth to its employees, management, board, customers, shareholders, regulators, and business partners.
