Nigerian businessman and philanthropist Tony O. Elumelu has officially retired as Group Chairman of United Bank for Africa (UBA), bringing his 12-year tenure on the bank’s board to an end on August 21, 2026. His retirement followed the completion of the maximum 12-year tenure prescribed for non-executive directors of Nigerian banks by the Central Bank of Nigeria (CBN).
The UBA Board had accepted Elumelu’s retirement at its meeting on July 6, 2026, and appointed Emmanuel N. Nnorom, a serving Non-Executive Director, as his successor, effective the same day Elumelu left the board.
Elumelu’s exit marks the end of a significant chapter in UBA’s history. Under his leadership as Group Chairman, the bank strengthened its position as a pan-African financial institution, expanding its operations to 20 African countries and four global financial centres, while serving more than 50 million customers.
UBA described his tenure as a defining period for the group and praised his contribution to the bank’s strategic direction, institutional strength and international expansion.
Reflecting on his retirement, Elumelu described serving UBA as one of the great privileges of his career. He said he was leaving the board with confidence in the bank’s future and expressed support for Nnorom, describing him as a leader with integrity, experience and sound judgement.
Who is Emmanuel N. Nnorom?
Nnorom, who takes over as Group Chairman, is a chartered accountant with more than 40 years of experience spanning banking, finance and auditing. UBA said his extensive leadership experience and knowledge of the institution would help sustain the bank’s growth.
Nnorom said he was honoured by the confidence placed in him and acknowledged the legacy he was inheriting from Elumelu. He pledged to work with UBA’s board, management and staff across its markets to maintain the bank’s momentum and create long-term value for customers and shareholders.
Elumelu’s retirement from UBA’s board does not mean an end to his business activities. He remains a major figure in Nigeria’s private sector through his wider business and philanthropic interests, including Heirs Holdings and the Tony Elumelu Foundation.
The transition therefore represents a change in UBA’s board leadership rather than Elumelu’s withdrawal from business.
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