United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, CFR, will retire from the Board effective August 21, 2026, following the completion of the maximum 12-year tenure for Non-Executive Directors of banks as stipulated by the Central Bank of Nigeria (CBN).
The bank disclosed that its Board of Directors, at a meeting held on July 6, 2026, accepted Elumelu’s retirement and approved the appointment of Emmanuel N. Nnorom, currently a Non-Executive Director, as the new Group Chairman. His appointment will take effect on 21 August 2026.
Elumelu’s exit marks the end of a significant chapter in UBA’s corporate governance, during which the bank strengthened its pan-African footprint, expanded its international presence, and consolidated its position as one of Africa’s leading financial institutions.
The Board places on record its profound appreciation for Mr Elumelu’s visionary leadership and exceptional contributions to the growth, transformation, and institutional strength of the UBA Group.
Commenting on his retirement, Mr Tony O. Elumelu, CFR, said: “Serving United Bank for Africa has been one of the great privileges of my career. UBA has a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”
Mr Emmanuel N. Nnorom, on his appointment, 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 and continue delivering long-term value to our shareholders, customers and stakeholders.”
Profile of Mr Emmanuel N. Nnorom
Mr Emmanuel N. Nnorom is an accomplished business leader with over four decades of experience spanning financial services, audit, and corporate governance. He has served in several executive and board-level capacities across leading organisations, bringing extensive expertise in financial management, strategic leadership, and enterprise oversight.
A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Nnorom is recognised for his professionalism, integrity, and depth of industry knowledge. He is also an alumnus of Templeton College, Oxford, where he further honed his executive leadership and management capabilities.
With a proven record of excellence and stewardship in both financial and corporate governance spheres, Mr Nnorom continues to play a pivotal role in advancing strong business practices and sustainable growth across the organisations he serves. He brings extensive leadership experience and deep institutional knowledge of UBA to the role.
The transition forms part of UBA’s succession planning and aligns with the CBN’s corporate governance guidelines on board tenure for deposit money banks.