United Bank for Africa Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, after completing the maximum 12-year tenure allowed for non-executive directors.
The bank has also named Emmanuel N. Nnorom, a Non-Executive Director on the board, as its next Group Chairman. His appointment will take effect on the same date.
UBA disclosed the leadership change in a statement issued on Monday, following approval by the board at its meeting on July 6, 2026.
Elumelu Steps Down After 12 Years
UBA said Elumelu’s retirement follows the Central Bank of Nigeria’s corporate governance rules, which limit the tenure of non-executive directors in banks to 12 years.
The bank praised Elumelu for his leadership and described his time as chairman as one of the most important periods in UBA’s history.
According to UBA, Elumelu helped strengthen the bank’s strategic direction, expand its continental footprint and position it as one of Africa’s leading financial institutions.
Today, UBA operates in 20 African countries and has a presence in major financial centres across four continents. The bank also serves more than 50 million customers across its markets.
Elumelu Expresses Confidence in UBA’s Future
Commenting on his retirement, Elumelu described his time at UBA as one of the major privileges of his career.
He said the bank had built a strong competitive position across Africa and globally, adding that he was leaving the board with confidence in its future.
Elumelu also backed his successor, describing Nnorom as a leader with integrity, experience and sound judgement.
His exit marks the end of a major leadership era at UBA, where he played a central role in shaping the bank’s growth, governance and pan-African expansion.
Emmanuel Nnorom to Become New UBA Chairman
Emmanuel Nnorom will take over as Group Chairman of UBA on August 21, 2026.
Nnorom is a chartered accountant with more than 40 years of experience in banking, finance and auditing. UBA said his experience and deep knowledge of the institution make him well-positioned to lead the board into its next growth phase.
Reacting to his appointment, Nnorom said he was honoured by the board’s decision and aware of the responsibility that comes with the role.
He said he would work with the board, management and staff across UBA’s markets to sustain the bank’s momentum and deliver long-term value to shareholders, customers and other stakeholders.
UBA’s Growth Under Elumelu
Elumelu became UBA Group Chairman in 2014. Since then, the bank has recorded major growth across its balance sheet, customer base and African operations.
According to Nairalytics data cited in the report, UBA’s total assets stood at N2.76 trillion in 2014 when Elumelu became chairman. By the end of the first quarter of 2026, the bank’s total assets had risen to N33.13 trillion.
This represents growth of more than 1,100% over 12 years.
The performance reflects UBA’s stronger balance sheet, aggressive expansion across Africa and wider customer reach under Elumelu’s chairmanship.
A New Chapter for UBA
The leadership transition comes at a time when UBA continues to deepen its role as one of Africa’s largest banking groups.
With Elumelu stepping down after a transformative 12-year tenure, Nnorom will inherit a bank with a strong continental presence, a large customer base and a growing global profile.
His main task will be to build on UBA’s expansion, strengthen governance and maintain the bank’s long-term growth across Africa and beyond.