United Bank for Africa (UBA) Plc has announced the retirement of Tony O. Elumelu, its group chairman, from the board of directors, bringing to a close a transformative 12-year tenure that saw the lender evolve into one of Africa’s largest banking groups with assets expanding more than tenfold.
The leadership transition, which takes effect on August 21, 2026, will see Emmanuel N. Nnorom, currently a non-executive director on the board, assume the position of group chairman following approval by the bank’s board of directors at its meeting on July 6.
UBA said Elumelu’s retirement complies with the Central Bank of Nigeria’s Corporate Governance Guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of deposit money banks.
The board paid tribute to Elumelu’s stewardship, describing his tenure as one of the most consequential in the institution’s history.
“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the bank said in a statement.
Under his chairmanship, UBA consolidated its position as one of Africa’s leading financial institutions, extending operations to 20 African countries while establishing a presence in major financial centres across four continents.
The bank now serves more than 50 million customers, making it one of the continent’s largest banking franchises.
Financial data underscore the scale of UBA’s expansion during Elumelu’s tenure.
When he assumed the chairmanship in 2014, the bank’s total assets stood at N2.76 trillion.
By the end of the first quarter of 2026, total assets had risen to N33.13 trillion, representing growth of more than 1,100 per cent in 12 years.
The expansion reflects sustained growth in lending, customer deposits, regional operations and digital banking capabilities, reinforcing UBA’s status as one of Africa’s systemically important financial institutions.
Commenting on his retirement, Elumelu described his time at UBA as one of the defining experiences of his professional career.
“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,” he said.
Although stepping down from UBA’s Board, Elumelu remains one of Nigeria’s most influential investors and business leaders through his interests in banking, power, hospitality and philanthropy.
The incoming Chairman, Emmanuel Nnorom, brings more than 40 years of experience in banking, finance and auditing.
A chartered accountant and long-serving member of UBA’s Board, Nnorom is widely regarded as possessing deep institutional knowledge and extensive corporate governance experience.
UBA said his familiarity with the bank’s strategy and operations positions him to provide continuity as the institution enters its next growth phase.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit,” Nnorom said.
“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,” he added.
What does Africa need to develop? Certainly not aid