Key Points
- The appointment takes effect on August 21, 2026, following the retirement of Tony Elumelu.
- Elumelu is stepping down after completing the 12-year tenure limit for non-executive directors stipulated by the Central Bank of Nigeria.
- Under Elumelu’s leadership, UBA expanded operations to 20 African countries and four international financial centres.
- UBA’s shares gained 3.41 per cent at the close of trading following the announcement.
Main Story
United Bank for Africa Plc (UBA) has announced the appointment of Emmanuel Nnorom as its next Group Chairman following the retirement of Tony Elumelu from the Board of Directors.
The transition will take effect on August 21, 2026, after Elumelu completes the 12-year tenure limit prescribed for non-executive directors of banks by the Central Bank of Nigeria.
The decision was approved at the bank’s Board of Directors meeting held on July 6, 2026, according to a statement issued by UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo.
The board described Elumelu’s tenure as a defining period in the bank’s history, crediting him with providing visionary leadership that strengthened UBA’s institutional capacity and accelerated its expansion across Africa and international markets.
During his time as chairman, UBA grew into a pan-African financial institution with operations in 20 African countries and an international presence in the United Kingdom, United States, France, and the United Arab Emirates, serving more than 50 million customers.
Nnorom, who currently serves as a Non-Executive Director of the bank, brings more than 40 years of experience in banking, finance and auditing. A chartered accountant, he is expected to lead the board as UBA pursues its next phase of strategic growth.
Commenting on his retirement, Elumelu expressed confidence in the bank’s future and his successor’s ability to sustain its growth trajectory.
Nnorom, in his acceptance remarks, pledged to work with the board, management and employees across the group’s markets to build on UBA’s achievements and continue creating long-term value for shareholders and customers.
Founded in 1949, UBA has grown into one of Africa’s largest financial institutions, employing about 25,000 people across its operations while providing retail, commercial and institutional banking services.
The leadership transition was positively received by investors, with UBA’s share price rising 3.41 per cent to close at ₦42.40, up from ₦41.00, as investors traded 13.77 million shares worth approximately ₦577.82 million in 1,566 deals.
The Issues
The leadership change comes as Nigerian banks continue to implement corporate governance reforms introduced by the Central Bank of Nigeria, including mandatory tenure limits for directors aimed at strengthening board independence and succession planning.
For UBA, the transition also represents a test of continuity, as the bank seeks to sustain its pan-African growth strategy amid evolving regulatory, technological and economic dynamics across its markets.
What’s Being Said
Tony Elumelu
“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.”
Emmanuel Nnorom
“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.”
What’s Next
Nnorom will officially assume office as Group Chairman on August 21, 2026, leading the board as UBA continues to expand its operations and deepen financial inclusion across Africa and key international markets.
The bank is expected to maintain its strategic focus on digital banking, cross-border expansion and long-term shareholder value under the new leadership.
Bottom Line
The appointment of Emmanuel Nnorom marks the end of an era for UBA following Tony Elumelu’s 12-year tenure as chairman. While the transition is driven by regulatory requirements, it signals continuity for one of Africa’s largest banking groups as it seeks to build on its pan-African footprint and sustain long-term growth.
 has announced the appointment of Emmanuel Nnorom as its next Group Chairman following the retirement ...){kind=link}