Tony Elumelu to retire as UBA Chairman; Nnorom to succeed

United Bank for Africa (UBA) Plc announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026. This decision aligns with the Central Bank of Nigeria's 12-year tenure limit for non-executive directors of banks.

The bank's board accepted Elumelu's retirement at a meeting on July 6, 2026, and elected Emmanuel Nnorom, a current Non-Executive Director, to succeed him. UBA stated that it is entering a new phase of strategic growth. The board expressed appreciation for Elumelu's leadership, crediting him with transforming UBA into a significant pan-African financial institution with operations in 20 African countries and four global financial centers, serving over 50 million customers.

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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. 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 reflected on his tenure, calling it a privilege and expressing confidence in UBA's future. He described Nnorom as a leader of integrity, experience, and sound judgment, anticipating the bank's continued success under his leadership. Nnorom, a chartered accountant with over 40 years of experience in banking, finance, and audit, brings extensive leadership experience and deep institutional knowledge to the role. He stated his honor at the board's trust and his commitment to building on UBA's legacy.

UBA, recognized as Africa's global bank, operates across 20 African nations and maintains a presence in the United Kingdom, United States, France, and the United Arab Emirates. The bank offers a range of retail, commercial, and institutional banking services, emphasizing financial inclusion through technology. It stands as one of the largest employers on the continent.

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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.