United Bank for Africa Plc (UBA) has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors stipulated by the Central Bank of Nigeria (CBN).
The decision was announced at the bank’s board meeting on Monday, where UBA also confirmed the appointment of current non-executive director Emmanuel Nnorom as the incoming Group Chairman. His appointment takes effect on the same day Elumelu steps down.
In a statement issued after the meeting, the bank commended Elumelu for his leadership and lasting contributions to the institution’s growth.
“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.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.
“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards,” the statement read.
Reacting to the announcement, Elumelu reflected on his tenure in a Facebook post titled “Celebrating an African Institution: My Farewell from UBA.”
He described his years at the helm as part of a broader mission to build an African institution capable of competing on the global stage while remaining committed to the continent’s development.
“I have never been able to look at Africa and see only borders. Where many see 54 separate markets, I saw one continent, one destiny—waiting to be transformed, waiting to be believed in.
“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men. Today is a day of huge excitement—of potential delivered and continued opportunity. Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter.
“I conclude my tenure as Chairman of the Group Board of United Bank for Africa on August 21, 2026, after 12 years and decades of association with this extraordinary institution, with profound gratitude, immense pride and, most importantly, great optimism for the future,” he wrote.
Elumelu said his vision had always been to build a bank that connects Africa to itself and the rest of the world while creating an institution that would outlive individuals.
“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 remaining deeply committed to our continent’s development.
“This success belongs to generations of dedicated colleagues, exceptional management, visionary directors, loyal customers, supportive regulators, committed shareholders and partners who believed in our shared purpose,” he added.
The outgoing chairman also welcomed Nnorom as his successor, expressing confidence in his leadership, experience and deep understanding of the bank.
He urged shareholders, customers, regulators, partners and the entire UBA family to give Nnorom the same trust and support they had extended to him throughout his tenure.
