United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, following the completion of the maximum tenure permitted for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The decision was announced on Monday after a meeting of the bank’s Board of Directors, which also approved the appointment of current Non-Executive Director Emmanuel Nnorom as the incoming Group Chairman. His appointment will take effect on the same day Elumelu formally steps down.
In a statement issued after the board meeting, UBA expressed appreciation for Elumelu’s leadership and contributions to the institution’s growth over the years.
According to the bank, “The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.”
The bank noted that under Elumelu’s leadership as chairman, UBA significantly expanded its footprint across Africa and strengthened its international presence.
It stated, “Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.”
UBA added that the bank now serves more than 50 million customers across its network and explained that Elumelu’s retirement aligns with the Central Bank of Nigeria’s corporate governance framework, which limits the tenure of non-executive directors to 12 years in order to promote board independence and stronger governance practices.
Reacting to the announcement, Elumelu shared a farewell message on his Facebook page titled “Celebrating an African Institution: My Farewell from UBA,” where he reflected on his years of service and the institution’s journey.
He wrote, “I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny — waiting to be transformed, waiting to be believed in.”
He also emphasized the importance of building enduring institutions rather than relying solely on individual leaders.
According to him, “Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men. Today is a day of huge excitement – of potential delivered and continued opportunity. Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter.”
Announcing the conclusion of his tenure, Elumelu stated, “I conclude my tenure as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride, and most importantly – great optimism for the future.”
He explained that his long-term vision was to build a financial institution capable of connecting Africa internally and with the rest of the world while creating an organisation that would endure beyond any individual.
Reflecting on that vision, he said, “Today, that vision is reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally, while being deeply committed to our continent’s development.”
Elumelu added that the bank’s achievements were made possible through the collective efforts of employees, management, directors, customers, regulators, shareholders and business partners who supported the institution’s mission.
He also welcomed Emmanuel Nnorom as his successor, expressing confidence in his leadership abilities, experience and understanding of the bank.
Elumelu urged shareholders, customers, partners and members of the UBA family to extend the same confidence and support to Nnorom as they had shown throughout his tenure.
