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.
Source: Business Archives – New Telegraph
