United Bank for Africa (UBA) Group Chairman Tony Elumelu will step down from his position on August 21, 2026, bringing to an end a 12-year tenure at the helm of one of Africa’s largest financial institutions.
Elumelu’s departure is not the result of a resignation or internal dispute but follows the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which limit the tenure of non-executive directors and chairmen of banks.
The UBA Board announced that Elumelu has reached the maximum 12-year tenure permitted under the CBN’s regulations for non-executive directors.
To ensure a smooth transition, the Board has approved the appointment of Emmanuel Nnorom, currently a Non-Executive Director of the bank, as the new Group Chairman. His appointment will take effect on the same day Elumelu exits office.
Elumelu’s departure marks the end of a significant chapter in UBA’s history.
Since assuming the chairmanship in 2014, he has overseen the bank’s transformation into one of Africa’s leading financial institutions, strengthening its corporate governance framework, expanding its footprint across the continent, and reinforcing its international presence.
Today, UBA operates in 20 African countries as well as major global financial centres, making it one of the continent’s most geographically diversified banking groups.
Reflecting on his time as chairman, Elumelu described the opportunity to lead UBA as one of the greatest honours of his professional career.
He expressed confidence that the bank would continue its growth journey under the incoming leadership, noting that UBA remains well-positioned for its next phase of expansion.
The leadership transition comes as the bank seeks to maintain continuity in its long-term strategy while sustaining value creation for shareholders, customers and other stakeholders.
With Emmanuel Nnorom set to take over, UBA says the succession plan is designed to preserve stability and build on the strong foundation established during Elumelu’s tenure.