Billionaire businessman and philanthropist Tony Elumelu has announced he will step down as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, bringing to a close a remarkable 12-year tenure that helped transform the bank into one of Africa’s leading financial institutions.
In an emotional farewell message titled Celebrating an African Institution: My Farewell from UBA, Elumelu reflected on his vision of building an institution that would outlive individuals and serve as a catalyst for Africa’s economic transformation.
“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny—waiting to be transformed, waiting to be believed in,” he wrote.
According to Elumelu, Africa’s greatest challenge is not a shortage of talented people but a lack of enduring institutions capable of driving long-term development.
During his leadership, UBA expanded its footprint across the continent and beyond, growing into what he described as “Africa’s Global Bank.” Today, the financial institution serves more than 50 million customers, operates in 20 African countries and maintains a presence across four continents, connecting African businesses to global opportunities.
Elumelu credited the bank’s success to generations of committed employees, visionary leaders, shareholders, regulators, customers and partners who shared in the mission of building a truly pan-African financial institution.
As he hands over the reins, Elumelu announced Mr. Emmanuel N. Nnorom as the incoming Chairman of the UBA Group Board, expressing confidence in his ability to lead the bank into its next chapter.
“I have every confidence in his ability to lead the Bank. His experience, leadership and deep understanding of our institution will provide the continuity and strategic direction needed to build on the strong foundation we have established,” he said.
Elumelu also urged shareholders, customers, partners and members of the UBA family to extend the same support and trust to his successor as they had shown him throughout his tenure.
His departure marks the end of an era for one of Africa’s most influential banking leaders, whose vision helped position UBA as a globally competitive institution while remaining firmly rooted in Africa’s growth and development.
