Tony Elumelu to Step Down as UBA Chairman in 2026

Tony Elumelu, the current chairman of United Bank for Africa Plc (UBA), will resign from his position on August 21, 2026, in compliance with the Central Bank of Nigeria's corporate governance guidelines, which stipulate a maximum tenure for non-executive directors. This announcement was made following a board meeting on Monday.

Emmanuel Nnorom, who is currently a non-executive director at UBA, has been appointed as the new group chairman, effective on the same date as Elumelu's departure. Alero Ladipo, the group head of market and corporate communications at UBA, confirmed the leadership change in a statement.

The bank expressed gratitude for Elumelu's visionary leadership, noting his significant contributions to UBA's growth and expansion across Africa, where the bank operates in 20 countries and serves 50 million customers. The transition aims to maintain the bank's governance structure and align with the Central Bank of Nigeria's efforts to strengthen board independence.