Mr. Tony O. Elumelu, CFR, Group Chairman of United Bank for Africa (UBA), will retire from the company's Board of Directors on August 21, 2026, following a Board meeting held on July 6, 2026, where his retirement was accepted. Mr. Elumelu stated, "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." He added that Mr. Emmanuel N. Nnorom is "a leader of integrity, experience and sound judgement," expressing confidence in the Bank's continued success under his leadership.
Elumelu's Transformative Tenure
Under Mr. Tony O. Elumelu, CFR's stewardship, United Bank for Africa (UBA) was transformed into a pan-African institution. UBA now operates in 20 African countries, establishing a significant continental presence. Beyond Africa, the bank maintains operations in four global financial centers, including the United Kingdom, the United States of America, France, and the United Arab Emirates. This expansion has led to a substantial workforce, with UBA employing 25,000 individuals group-wide. The bank's extensive network and operations serve a vast customer base, reaching over 50 million customers across its various markets.
Nnorom's Extensive Experience
Mr. Emmanuel N. Nnorom currently serves as a Non-Executive Director of United Bank for Africa Plc. He brings extensive experience to his new role, having drew over forty years in the banking, finance, and audit sectors. Mr. Nnorom is a distinguished chartered accountant, a qualification that underpins his long and varied career. His background includes significant leadership positions and strategic oversight within the financial industry. Before his appointment as Chairman, Mr. Nnorom's contributions as a Non-Executive Director have been instrumental in the bank's governance and strategic direction. His full understanding of financial operations and regulatory frameworks positions him to lead the UBA Group effectively.
Leadership Transition Details
Mr. Tony O. Elumelu, CFR's upcoming retirement from the Board of Directors of United Bank for Africa (UBA) aligns with the regulatory framework established by the Central Bank of Nigeria. His departure completes the 12-year tenure limit prescribed for Non-Executive Directors of Banks. This regulatory requirement ensures periodic leadership refreshment within the Nigerian banking sector. The Central Bank of Nigeria's guidelines govern the duration of service for non-executive board members, mandating a rotation after a specified period to promote good corporate governance and maintain institutional stability. Mr. Elumelu's retirement thus adheres to these established banking regulations.
Leadership's Forward Look
Mr. Emmanuel N. Nnorom has been elected as the successor to Mr. Tony O. Elumelu, CFR, with his appointment taking effect on August 21, 2026. Mr. Nnorom expressed his commitment to the role, stating, "I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit." He affirmed his intention to collaborate with the bank's leadership and staff to maintain its growth trajectory. Mr. Nnorom added, "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."