Tony Elumelu to Retire as UBA Chairman in 2026

Tony Elumelu is set to retire as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, in accordance with the Central Bank of Nigeria's (CBN) corporate governance guidelines, which limit non-executive directors' tenure to a maximum of 12 years. Emmanuel Nnorom has been appointed as his successor, with the transition aimed at ensuring smooth leadership continuity.

This decision was approved during a board meeting held on July 6, 2026. Elumelu has led UBA through significant expansion across 20 African countries, growing its customer base to 50 million and enhancing its digital banking services.

The board expressed gratitude for Elumelu's visionary leadership and contributions, leaving behind a stronger institution with improved operational resilience. Nnorom, a chartered accountant with 40 years of experience in banking and finance, will assume office on the same date as Elumelu's retirement, with a commitment to uphold the legacy and continue the bank's growth trajectory.