Tony Elumelu Steps Down as UBA Chairman on August 21

Tony O Elumelu will retire as Group Chairman of United Bank for Africa (UBA) on 21 August, concluding a significant 12-year tenure that adhered to the Central Bank of Nigeria's limit for non-executive directors. Under Elumelu's leadership since 2014, UBA transformed into Africa’s Global Bank, expanding operations across 20 African nations and key international financial centers, including New York, London, Paris, and Dubai.

The bank's asset base grew to over ₦33 trillion, serving more than 50 million customers globally. Elumelu institutionalized Africapitalism, promoting the African private sector's role in economic transformation.

His departure raises questions about UBA's future influence without his visionary leadership. However, the election of Emmanuel N Nnorom, a seasoned chartered accountant with over 40 years of experience in banking and corporate restructuring, as the incoming Group Chairman indicates a strategic succession plan aimed at ensuring stability and continuity in the bank's governance.