Breaking: Tony Elumelu exits UBA as chairman, successor emerges

United Bank for Africa Plc has announced that its Group Chairman, Tony Elumelu, will step down from the Board of Directors on August 21, 2026, after completing the maximum tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.

The announcement was made on Monday following the bank’s board meeting, where directors also approved the appointment of current Non-Executive Director Emmanuel Nnorom as the incoming Group Chairman. His appointment will take effect on the same day Elumelu officially leaves office.

The Group Head, Marketing and Corporate Communications, United Bank for Africa Plc, Alero Ladipo, confirmed the leadership change in a statement on Monday.

Elumelu bows out after 12-year tenure

The bank said the transition was in compliance with the Central Bank of Nigeria’s corporate governance code, which prescribes a maximum of 12 years for non-executive directors.

In a statement issued after the meeting, UBA paid tribute to Elumelu’s leadership, describing his tenure as instrumental to the bank’s growth and expansion across Africa.

“The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement read.

Legacy of pan-African expansion

According to the bank, Elumelu spearheaded UBA’s pan-African expansion strategy, with the financial institution now operating in 20 African countries in addition to maintaining a presence in four global financial centres.

UBA also disclosed that it currently serves more than 50 million customers across its network, attributing much of the bank’s transformation to the strategic direction provided under Elumelu’s chairmanship.

Nnorom takes over leadership

The bank confirmed that Emmanuel Nnorom, who currently serves as a non-executive director on the board, will assume the position of Group Chairman from August 21, 2026.

UBA said the appointment would ensure a seamless leadership transition while maintaining continuity in its governance structure and long-term growth strategy.

Transition driven by governance rules

The lender added that the change aligns with the Central Bank of Nigeria’s efforts to strengthen board independence and corporate governance across the banking sector through strict tenure limits for non-executive directors.

With Nnorom set to take over the leadership of the board, UBA expressed confidence that the institution would continue to build on its achievements while remaining committed to delivering value to customers, shareholders and other stakeholders.