Tony Elumelu will retire as Group Chairman of United Bank for Africa on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria corporate governance guidelines. The decision was approved during the bank’s board meeting on Monday.

The bank also announced the appointment of Emmanuel Nnorom, who currently serves as a non-executive director on the board, as the new Group Chairman. His appointment will take effect on the same day Elumelu officially steps down.

In a statement, the board praised Elumelu for his leadership and contributions to the institution, noting that his tenure strengthened UBA’s strategic direction and accelerated its expansion across Africa. Under his chairmanship, the bank grew its presence to 20 African countries and established operations in four international financial centres, serving more than 50 million customers.

Reacting to his retirement, Elumelu described serving UBA as one of the greatest honours of his career, expressing confidence that the bank is well-positioned for continued growth. He also endorsed Nnorom’s appointment, describing him as a leader of integrity, experience and sound judgment who is capable of leading the institution into its next phase of development.

Nnorom, a chartered accountant with decades of experience in banking, finance and corporate governance, expressed appreciation to the board for the confidence reposed in him. He pledged to work closely with the board, management and employees across the bank’s operations to sustain growth and deliver long-term value to shareholders, customers and other stakeholders.