Nigeria’s leading financial institution, United Bank for Africa Plc (UBA), has announced the retirement of its long-serving Group Chairman, Tony O. Elumelu, marking the end of a transformative 12-year leadership that turned the bank into one of Africa’s largest financial institutions. With that, the Board has named Emmanuel N. Nnorom as his successor, with the transition taking effect on August 21, 2026.
According to a release, the decision was approved during the Board of Directors’ meeting held on July 6, following Mr. Elumelu’s completion of the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria. However, the Board paid tribute to Mr. Elumelu’s visionary leadership, crediting him with spearheading UBA’s remarkable transformation into a truly pan-African banking giant.
During his tenure, the bank expanded operations to 20 African countries and established a presence in four global financial centres, serving more than 50 million customers worldwide. In a statement, Elumelu described leading UBA as one of the greatest privileges of his career, expressing confidence that the institution would continue to flourish under its new chairman.
His successor, Nnorom, a chartered accountant with more than four decades of experience in banking, finance and auditing, pledged to build on the bank’s strong legacy while working with the Board, management and staff to sustain UBA’s growth and deliver long-term value to shareholders and customers.
Widely known as “Africa’s Global Bank,” UBA operates across Africa as well as in the United Kingdom, the United States, France and the United Arab Emirates. The bank employs about 25,000 people and remains one of the continent’s largest financial institutions.
