Tony Elumelu To Retire As UBA Chairman
Billionaire investor and philanthropist Tony Elumelu is set to retire as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, after completing the 12-year maximum tenure for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
UBA announced that Elumelu’s retirement follows the CBN’s corporate governance guidelines for commercial banks, bringing to an end a transformative era in the bank’s history.
During his tenure as Group Chairman, Elumelu oversaw UBA’s expansion into a leading pan-African financial institution with operations in 20 African countries and a presence in four global financial centres, serving more than 50 million customers.
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The bank’s Board of Directors has appointed Emmanuel Nnorom, a long-serving Non-Executive Director and seasoned banking executive, as the new Group Chairman.
His appointment will take effect on August 21, 2026, ensuring a seamless leadership transition.
The leadership changes were approved at the Board meeting held on July 6, 2026.
