United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board on August 21, 2026, after completing the maximum 12-year tenure permitted for non-executive directors under the Central Bank of Nigeria (CBN) Corporate Governance Code.
The bank disclosed the development in an official statement issued after a meeting of its Board of Directors held on July 6, 2026. Alongside the announcement, UBA confirmed the appointment of Mr. Emmanuel Nnorom as the incoming Chairman of the Board, with effect from August 21, 2026.
The leadership transition marks the end of an era for one of Africa’s largest financial institutions, with Elumelu leaving behind a legacy of expansion, innovation, and stronger pan-African banking operations.
End of a 12-Year Leadership Era
Tony Elumelu’s retirement comes as part of compliance with the Central Bank of Nigeria’s Revised Code of Corporate Governance for Banks and Financial Holding Companies, introduced in 2023. The regulation limits the tenure of non-executive directors and chief executive officers to a maximum of 12 years.
Having served as Chairman for over a decade, Elumelu has played a significant role in shaping UBA’s strategic direction, overseeing the bank’s expansion into numerous African countries while strengthening its presence in international financial markets.
During his tenure, UBA continued to grow its customer base, expand digital banking services, increase shareholder value, and reinforce its position as one of Africa’s leading financial institutions.
Elumelu Reflects on His Time at UBA
Speaking on his retirement, Elumelu described serving as Chairman of UBA as one of the greatest honours of his professional career.
According to him, the bank has built a strong competitive position both across Africa and internationally, expressing confidence that the institution is well-positioned for continued growth in the years ahead.
He also expressed optimism about the incoming chairman, saying Emmanuel Nnorom possesses the leadership qualities, experience, and integrity required to guide the bank through its next phase of development.
Elumelu noted that he believes the institution will continue to record significant achievements under its new leadership.
Emmanuel Nnorom to Take Over as Chairman
UBA’s Board has approved the appointment of Emmanuel Nnorom as the next Chairman of the bank.
Nnorom currently serves as a non-executive director on the Board and brings more than four decades of experience in banking, finance, corporate governance, and auditing.
A chartered accountant by profession, he has held several senior executive and leadership positions within Nigeria’s financial services industry over the course of his career.
Reacting to his appointment, Nnorom expressed appreciation to the Board for the confidence reposed in him.
He pledged to work closely with fellow directors, executive management, and employees across all the countries where UBA operates to sustain the bank’s growth while continuing to create long-term value for shareholders, customers, employees, and other stakeholders.
Leadership Transition Comes at a Strategic Time
The change in leadership comes at a period when Nigerian banks are implementing significant reforms, including recapitalisation programmes, stronger corporate governance measures, digital transformation initiatives, and expansion into new markets.
Industry analysts believe continuity in governance will remain critical as banks position themselves to meet evolving regulatory requirements while pursuing regional and global growth opportunities.
UBA has consistently remained one of the most geographically diversified financial institutions in Africa, with operations spanning over 20 African countries as well as key international financial centres including the United Kingdom, France, the United States, and the United Arab Emirates.
The bank has continued to invest heavily in digital banking, payment solutions, trade finance, corporate banking, and retail financial services, helping strengthen its position within Africa’s increasingly competitive banking landscape.
CBN Governance Rules Drive Board Changes
Elumelu’s retirement aligns with the CBN’s Revised Code of Corporate Governance, which was introduced to strengthen accountability, board independence, succession planning, and corporate governance within Nigeria’s banking sector.
The framework sets clear tenure limits for directors and top executives to encourage leadership renewal while promoting transparency and effective oversight across financial institutions.
Several Nigerian banks have been implementing board restructuring and succession plans in recent years to ensure compliance with the regulatory requirements.
What This Means for UBA
Although Tony Elumelu will be stepping down as Chairman, analysts expect the transition to be orderly given the bank’s established succession planning process.
With Emmanuel Nnorom assuming leadership of the Board, investors and stakeholders will be watching closely to see how UBA builds on its existing growth strategy, particularly in digital banking, cross-border financial services, and expansion across Africa.
The transition also reflects the bank’s commitment to complying with regulatory standards while maintaining stability in its corporate governance framework.
As one of Nigeria’s systemically important banks, UBA’s leadership change is expected to remain a key development within the country’s financial services sector in the coming months.