Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
United Bank for Africa (UBA) Plc has announced that its Group Chairman, billionaire investor and philanthropist Tony O. Elumelu, will retire from the board of directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria (CBN). The pan-African lender also named Emmanuel N. Nnorom, currently a non-executive director on the board, as its incoming Group Chairman, with his appointment taking effect on the same day as Elumelu's retirement. The leadership changes were approved at the bank's board meeting held on July 6, 2026, according to a statement released by UBA on Monday.
Elumelu's departure marks the end of a leadership era during which UBA expanded its footprint across Africa and strengthened its position as one of the continent's leading financial institutions. Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres: New York, London, Paris and Dubai. The bank currently serves more than 50 million customers across its network, one of the largest customer bases on the continent, and remains the only African bank with a deposit-taking presence in the United States.
In a statement, the UBA board expressed profound appreciation for Elumelu's leadership, describing his tenure as one of the most transformative periods in the bank's history. "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. Commenting on his retirement, Elumelu described his years leading the board as one of the defining experiences of his professional 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 UBA's future," he said.
Elumelu's retirement comes as Nigerian banks continue to align with the CBN's corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards. His association with UBA spans nearly two decades. He first took control of UBA in 2005 when Standard Trust Bank, the lender he had rebuilt from the struggling Crystal Bank, merged with it in one of the largest banking deals in sub-Saharan Africa. He ran the combined group as chief executive until 2010, when he stepped down after completing a 10-year term in line with a separate CBN limit on bank chief executives. He returned as chairman in 2014 and has chaired the board since then.
The incoming chairman, Emmanuel Nnorom, is a chartered accountant with more than four decades of experience spanning banking, finance and auditing. He has served as an executive director at UBA and as managing director of UBA Africa, overseeing the group's subsidiaries across the continent, and has also held the roles of group chief operating officer and group chief financial officer at the bank. He later became the first group chief executive of Heirs Holdings, Elumelu's family investment company, and ran Transnational Corporation (Transcorp), the conglomerate whose interests span power, hospitality and energy. That record ties the incoming chairman closely to Elumelu and points to continuity rather than a change of course.
Elumelu expressed confidence in his successor, saying: "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". Responding to his appointment, Nnorom pledged to build on the bank's achievements and sustain its growth trajectory. "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.
Under Elumelu's chairmanship, UBA recorded one of the most significant growth phases in its history, with the bank's balance sheet expanding more than tenfold. According to Nairalytics data, UBA's total assets stood at N2.76 trillion in 2014 when Elumelu assumed the role of Group Chairman. By the end of the first quarter of 2026, total assets had surged to N33.13 trillion, representing an increase of more than 1,100 percent over the 12 years. The growth reflects the bank's aggressive pan-African expansion, stronger balance sheet, and rising customer base under his leadership.
Elumelu, though stepping back from UBA, remains one of Africa's most influential investors. He is the founder and chairman of Heirs Holdings, which holds interests in financial services, power, energy, oil and gas, hospitality, technology and healthcare. He also chairs Transcorp, Nigeria's largest listed conglomerate, as well as Heirs Energies, and is a prominent philanthropist through the Tony Elumelu Foundation, which has empowered thousands of African entrepreneurs across the continent. The leadership transition will formally take effect on August 21, 2026, when Elumelu retires from the board and Nnorom assumes the role of Group Chairman.
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