United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will step down 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’s corporate governance guidelines.
The decision was announced on Monday following the bank’s board meeting. UBA also confirmed that current non-executive director Emmanuel Nnorom will succeed Elumelu as Group Chairman, with his appointment taking effect on the same date.
In a statement, the bank praised Elumelu for his leadership, noting that he played a key role in strengthening UBA’s position as a leading pan-African financial institution.
“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.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.
“The bank currently serves more than 50 million customers across its network.”
Reacting to the announcement, Elumelu shared a farewell message on Facebook, describing his time as chairman as an opportunity to help build an African institution capable of competing on the global stage.
“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.
“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.
“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.”
Elumelu said his vision was to build a bank that would connect Africa with the rest of the world while creating an institution that would outlive any individual.
“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.
“This success belongs to generations of dedicated colleagues, exceptional management, visionary directors, loyal customers, supportive regulators, committed shareholders, and partners who believed in our shared purpose.”
He also expressed confidence in his successor, Emmanuel Nnorom, urging shareholders, customers, partners and members of the UBA family to give him the same support they had extended throughout his tenure.
