Tony Elumelu will retire as UBA Chairman on August 21 after completing the CBN’s 12-year tenure limit. Emmanuel Nnorom will succeed him as the bank enters a new leadership era.

Tony Elumelu will retire as chairman of the United Bank for Africa (UBA) Plc on August 21, 2026, after completing the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN).

The pan-African bank announced Elumelu’s retirement in a statement on Monday, confirming that the board accepted his retirement at a meeting held on July 6 and elected Emmanuel Nnorom, a non-executive director, as his successor with effect from August 21.

The statement said Elumelu’s retirement marks the end of a tenure during which UBA expanded its operations across Africa and other international markets, establishing what the bank described as a unique competitive position on the continent and globally.

Elumelu reflected on his time at the helm with evident pride.

“UBA has established a unique competitive position, across Africa and globally, and I leave the board with great confidence in UBA’s future,” he said.

Describing the role as one of the defining chapters of his professional life, Elumelu added that serving as chairman of UBA has been “one of the great privileges” of his career.

He also expressed confidence in his successor.

“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,” Elumelu said.

Nnorom pledges to sustain UBA’s momentum

Responding to his appointment, Nnorom said he was honoured by the board’s decision and pledged to build on the bank’s achievements.

“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,” he said.

According to the statement, Nnorom is a chartered accountant with more than four decades of experience in banking, finance and audit. He has served as a non-executive director of UBA and previously held senior executive positions in the financial services sector.

Elumelu’s retirement is a direct consequence of the CBN’s July 2023 corporate governance code, which specifies that the tenure of a bank’s non-executive directors, including the chairman, cannot exceed 12 years. The regulation was introduced as part of broader efforts to strengthen board independence and governance standards across Nigeria’s banking sector.

UBA is one of Africa’s largest financial institutions, with operations spanning 20 African countries as well as the United Kingdom, the United States and France. Elumelu’s tenure oversaw the bank’s deepening continental footprint, and his departure marks a generational transition at the top of one of Nigeria’s most prominent financial institutions. Nnorom inherits a bank that has grown significantly under Elumelu’s watch, with the incoming chairman now tasked with sustaining that trajectory in an increasingly competitive African banking landscape.