UBA Names New Chairman as Tony Elumelu Bows Out After 12 Years

United Bank for Africa has announced a change at the top, with Tony Elumelu set to step down as Group Chairman on August 21, 2026 after serving for 12 years.

The bank disclosed this on Monday, explaining that the move is in line with the Central Bank of Nigeria’s rule limiting non-executive directors to a maximum of 12 years.

UBA also named Emmanuel Nnorom, a current board member, as Elumelu’s replacement. Nnorom will assume office on the same day, August 21, 2026. The Board approved both appointments during its meeting on July 6, 2026.

Elumelu joined the UBA Board in 2014. In that period, he helped grow the bank into a major force across Africa. Under his watch, UBA expanded to 20 countries on the continent and opened offices in four key global financial centres. The bank’s customers also grew to more than 50 million. Digital banking, governance and support for business across Africa all saw major improvements.

The Board praised Elumelu’s role in shaping the bank. “The Board appreciates Mr. Elumelu’s visionary leadership and his strong contribution to building a solid and successful UBA Group,” the statement read.

For Elumelu, the exit marks the end of a defining chapter. “Working with UBA has been one of the biggest honours of my career. The bank now stands tall in Africa and across the world, and I leave knowing its future is bright,” he said.

He expressed confidence in Nnorom, describing him as a leader with the right background to take UBA forward. “Emmanuel Nnorom brings integrity, experience and good judgement. I believe the bank will continue to grow under his leadership,” Elumelu noted.

Nnorom is a chartered accountant with over 40 years in banking, finance and corporate governance. He has served on UBA’s Board for years and understands the bank’s strategy and operations well.

The incoming Chairman thanked the Board for the opportunity. “I am grateful for the trust placed in me. I understand the responsibility that comes with this role and I will work with the Board, management and staff to keep UBA strong and create more value for our customers and shareholders,” Nnorom said.

Market watchers say the planned transition reflects UBA’s commitment to good governance and following regulations. With Nnorom at the helm, the bank is expected to stay stable and push ahead with its growth plans.

The new leadership takes effect on August 21, 2026, opening a new phase for one of Africa’s biggest banks.

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