Tony Elumelu to step down as UBA chairman, Nnorom named successor

Tony Elumelu is set to retire as the Chairman of the United Bank for Africa (UBA) Plc on August 21, 2026. His departure follows the Central Bank of Nigeria's (CBN) stipulation of a maximum 12-year tenure for non-executive directors.

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UBA has established a unique competitive position across Africa and globally, and I leave the board with great confidence in the bank’s future.

The bank's Board of Directors accepted Elumelu's retirement during a meeting on July 6. Concurrently, UBA announced the appointment of Mr. Emmanuel Nnorom, a current non-executive director, as the new Chairman, effective from August 21.

Elumelu reflected on his tenure, describing it as a privilege and highlighting UBA's strengthened position as a leading pan-African financial institution with expanded operations across Africa and internationally. He expressed strong confidence in his successor, Nnorom, whom he characterized as a leader of integrity, experience, and sound judgment.

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I am confident that the bank will continue to thrive under his leadership.

Nnorom, a chartered accountant with over 40 years of experience in banking, finance, and auditing, thanked the board for their trust. He pledged to uphold UBA's momentum and continue delivering value to stakeholders, building upon the legacy established during Elumelu's leadership. His appointment aligns with the CBN's revised Code of Corporate Governance for banks.

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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 staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.