United Bank for Africa Plc has announced that Group Chairman Tony Elumelu will retire from the board on August 21, 2026, after completing the maximum 12-year tenure prescribed for non-executive directors under Central Bank of Nigeria guidelines.
The bank disclosed the development Monday following a board meeting, naming current non-executive director Emmanuel Nnorom as incoming group chairman, effective the same day Elumelu steps down. In a statement, UBA credited Elumelu with deepening the bank’s pan-African expansion, noting it now operates in 20 African countries alongside four global financial centres and serves more than 50 million customers. “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 bank said, framing the retirement as part of a broader alignment across Nigerian banks with CBN governance rules meant to strengthen board independence.
Elumelu marked the moment on Facebook in a post titled “Celebrating an African Institution: My Farewell from UBA,” reflecting on a continental vision he said guided his twelve years at the helm. “I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny, waiting to be transformed, waiting to be believed in,” he wrote, adding that Africa’s real shortage lies not in talent but in institutions capable of outlasting individual leaders.
He described his tenure as driven by a goal of connecting Africa to itself and to the world, building something meant to endure beyond any single leader. “Today, that vision is reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally, while being deeply committed to our continent’s development,” he said, crediting the achievement to generations of colleagues, management, directors, shareholders and partners.
Elumelu also used the post to welcome Nnorom as his successor, expressing confidence in his experience and leadership and urging shareholders, customers and staff to extend him the same trust the bank has shown him over the years.
