Elumelu to Retire as UBA Group Chairman, Nnorom Named Successor

United Bank for Africa Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board on August 21, 2026, following the completion of the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria.

The bank disclosed in a statement on Monday that its Board of Directors, at a meeting held on July 6, accepted Elumelu’s retirement and approved the appointment of Non-Executive Director Emmanuel N. Nnorom as the new Group Chairman, effective August 21.

The Board commended Elumelu for what it described as his visionary leadership and immense contributions to the growth and institutional development of the banking group.

According to the statement, Elumelu’s tenure marked a significant period in UBA’s history, during which the bank expanded into a leading pan-African financial institution with operations in 20 African countries and four global financial centres, serving more than 50 million customers.

The bank said Nnorom, a chartered accountant with over four decades of experience in banking, finance and auditing, brings extensive leadership expertise and a deep understanding of the institution to his new role.

Speaking on his retirement, Elumelu described his years of service as one of the greatest honours of his career.

He said UBA had built a unique competitive position across Africa and internationally, expressing confidence that the bank would continue to grow under Nnorom’s leadership.

“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,” he said.

In his acceptance remarks, Nnorom thanked the Board for the confidence reposed in him, saying he was mindful of the responsibility that comes with leading one of Africa’s largest financial institutions.

l-r: GMD/CEO, Mr Oliver Alawuba; Outgoing Group Chairman, Mr. Tony O. Elumelu, CFR; Incoming Group Chairman, Mr. Emmanuel Nnorom

He pledged to work closely with the Board, management and employees across the bank’s operations to sustain its growth trajectory and continue creating long-term value for shareholders, customers and other stakeholders.

UBA operates across 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates, providing retail, commercial and institutional banking services. The bank employs about 25,000 people and serves more than 50 million customers worldwide.