By Ghazali Ibrahim
Billionaire businessman Tony Elumelu will step down as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, after reaching the Central Bank of Nigeria’s 12-year tenure limit for non-executive directors.
Elumelu’s exit marks the end of a significant era for the pan-African financial institution, which witnessed substantial expansion under his leadership.
During his tenure, UBA grew into one of Africa’s leading banking groups, extending its footprint to 20 African countries and establishing operations in four global financial centres. The bank currently serves more than 50 million customers across its markets.
The UBA Board of Directors has appointed Emmanuel N. Nnorom, a veteran banking executive and long-serving Non-Executive Director of the bank, as Elumelu’s successor.
Nnorom is expected to take over leadership of the board following Elumelu’s retirement, ensuring continuity in the bank’s strategic direction and pan-African growth agenda.
Elumelu, one of Africa’s most prominent investors and advocates for entrepreneurship, has been widely credited with strengthening UBA’s position as a major player in African banking and driving its expansion beyond the continent.
