United Bank for Africa (UBA) has announced that Group Chairman Tony Elumelu will retire from the bank’s Board of Directors on August 21, 2026, after 12 years of service, in line with the Central Bank of Nigeria’s corporate governance guidelines capping the tenure of non-executive directors.
The bank’s board, at its meeting on July 6, approved Emmanuel N. Nnorom, currently a Non-Executive Director, as Elumelu’s successor, with the appointment taking effect the same day Elumelu departs, ensuring what UBA described as a seamless leadership transition.
During Elumelu’s tenure, UBA expanded its footprint to 20 African countries alongside a presence in major global financial hubs including the UK, France, the UAE and the US, growing its customer base to more than 50 million while advancing digital banking and strengthening corporate governance.
Reflecting on his time at the helm, Elumelu called it one of the defining chapters of his career: “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 also expressed confidence in his successor, describing Nnorom as “a leader of integrity, experience, and sound judgement.”
Nnorom, a chartered accountant with more than four decades of experience in banking, finance, auditing and corporate governance, previously held senior roles within UBA itself, including Group Chief Operating Officer, Group Chief Financial Officer and Managing Director of UBA Africa, where he oversaw the group’s operations across 18 African countries.
He has also served as CEO of Heirs Holdings and of Transnational Corporation of Nigeria (Transcorp). Responding to his appointment, Nnorom said: “I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit.
” I look forward to working with my colleagues on the board, Management, and our staff across all our markets to sustain UBA’s momentum”, he said.
The transition comes as Nigerian banks continue to align with CBN rules limiting non-executive directors to a maximum 12-year tenure to strengthen board independence.
