0
LAGOS – The United Bank for Africa (UBA) Plc has announced that its Group Chairman, Mr. Tony O. Elumelu, will step down from the board on August 21, 2026, after completing the 12-year tenure for non-executive directors stipulated by the Central Bank of Nigeria (CBN), bringing to a close a landmark era that transformed the lender into one of Africa’s leading banking groups.
The Board of Directors, at its meeting on Monday, July 6, accepted Elumelu’s retirement and appointed Mr. Emmanuel N. Nnorom, a Non-Executive Director of the bank, as his successor. Nnorom’s appointment will take effect on August 21.
The transition marks the end of Elumelu’s 12-year stewardship, during which UBA expanded its footprint across Africa and strengthened its presence in key international financial centres, cementing its status as one of the continent’s foremost financial institutions.
Paying tribute to the outgoing chairman, the board described his tenure as a defining period in the bank’s history, praising his visionary leadership and immense contribution to UBA’s strategic growth and institutional development.
According to the board, Elumelu spearheaded the transformation of UBA into a truly pan-African banking franchise with operations in 20 African countries and four global financial centres, serving more than 50 million customers.
It added that under his leadership, the bank reinforced its position as a leading financial services group, expanded its continental reach, deepened its international operations and strengthened its role as a bridge connecting Africa with the global economy.
“The board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the bank said.
Reflecting on his retirement, Elumelu described his years as Group Chairman as one of the most fulfilling periods of his career.
“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 the bank’s future,” he said.
He also expressed confidence in his successor, describing Nnorom as a leader of integrity with the experience and sound judgment required to sustain UBA’s growth trajectory.
“Emmanuel Nnorom is a leader of integrity, experience and sound judgment, and I am confident that the bank will continue to thrive under his leadership,” Elumelu added.
Responding to his appointment, Nnorom thanked the board for the confidence reposed in him and pledged to build on the strong legacy left by his predecessor.
“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,” he said.
Nnorom, a chartered accountant, brings more than 40 years of experience in banking, finance and auditing to the role. The bank said his extensive leadership background and deep understanding of UBA’s operations position him to provide continuity and strategic direction as the Group pursues its next phase of growth.
The leadership transition comes as UBA continues to expand its digital banking capabilities, strengthen its international operations and deepen financial inclusion across Africa.
Industry observers say the succession reflects the bank’s commitment to strong corporate governance and leadership continuity, while complying with the CBN’s tenure guidelines for bank directors.
Elumelu’s retirement closes a remarkable chapter in UBA’s evolution, one that saw the bank emerge as a truly pan-African financial institution with a growing global presence and a reputation for driving innovation, cross-border banking and economic development across the continent.
