Tony Elumelu to Retire as UBA Chairman in 2026

Tony Elumelu, the Group Chairman of United Bank for Africa (UBA), will retire from his position on August 21, 2026, after leading the bank for 12 years. His retirement complies with the Central Bank of Nigeria's corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors.

Under Elumelu's leadership since 2014, UBA has expanded significantly, strengthening its position as a leading pan-African financial institution and extending operations to 20 African countries. Emmanuel Nnorom has been unanimously appointed as the new Group Chairman following Elumelu's retirement.

Nnorom is a seasoned banking professional with over four decades of experience in finance, audit, risk management, and corporate governance. Although stepping down from UBA, Elumelu will continue to oversee his broader business interests, including his role at Transcorp Group, and is expected to assume the position of Chairman at Seplat Energy in January 2027.