UBA ushers in new era as Tony Elumelu retires

…as Emmanuel Nnorom steps in

The Board of Directors of United Bank for Africa (UBA) Plc has announced the retirement of its Group Chairman, Mr. Tony O. Elumelu, CFR, and the appointment of Mr. Emmanuel N. Nnorom as his successor, marking a significant leadership transition for one of Africa’s largest financial institutions.
The Board confirmed that Mr. Elumelu will formally retire from the Board of Directors on August 21, 2026, upon completing the maximum 12-year tenure permitted for Non-Executive Directors of banks under the Central Bank of Nigeria’s corporate governance regulations. The transition ensures continuity in the bank’s leadership, with no vacuum in its governance structure.
According to the bank, the decision was reached at the Board meeting held on July 6, 2026, where directors accepted Mr. Elumelu’s retirement and unanimously elected Mr. Emmanuel N. Nnorom, a Non-Executive Director of the bank, to assume the position of Group Chairman with effect from August 21, 2026.
The Board paid glowing tribute to Mr. Elumelu for what it described as his visionary leadership and remarkable contribution to the strategic growth and institutional strength of the UBA Group. Directors noted that his stewardship has left an enduring legacy that positioned the bank among Africa’s foremost financial institutions.
Under Mr. Elumelu’s leadership, UBA underwent a remarkable transformation into a truly pan-African financial institution with operations in 20 African countries and four global financial centres. The bank now serves more than 50 million customers worldwide, reinforcing its position as one of the continent’s most influential banking groups.
The incoming Group Chairman, Mr. Emmanuel N. Nnorom, brings more than four decades of professional experience spanning banking, finance and audit. A chartered accountant and respected corporate leader, Nnorom is expected to leverage his extensive leadership experience and deep understanding of the bank’s operations to build on the achievements of his predecessor.
Reflecting on his retirement, Mr. Elumelu described his years of service to UBA as one of the greatest honours of his professional career, expressing confidence that the institution is well-positioned for sustained growth.
“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” Mr. Elumelu said.
Responding to his appointment, Mr. Nnorom expressed appreciation for the confidence reposed in him by the Board, pledging to preserve the bank’s legacy while working closely with management and employees across its international operations to deliver sustainable value to stakeholders.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” Nnorom stated.
The announcement was contained in a statement issued by the Group Head, Marketing and Corporate Communications of United Bank for Africa Plc, Mrs. Alero Ladipo, who said the orderly succession reflects the bank’s commitment to strong corporate governance and leadership continuity.
Widely regarded as Africa’s Global Bank, UBA has expanded its footprint beyond the continent, maintaining operations in the United Kingdom, the United States, France and the United Arab Emirates. The bank continues to drive financial inclusion through innovative banking solutions while strengthening its presence in international markets.
With over 25,000 employees across its network and more than 50 million customers globally, UBA’s leadership transition signals the beginning of another chapter in its growth journey. Industry observers say the seamless succession underscores the bank’s commitment to stability, continuity and sustained value creation for shareholders, customers and other stakeholders.