Billionaire investor and Philanthropist, Tony Elumelu will on August 21, 2026 step down as the Group Chairman of UBA, marking the end of his 12-year tenure as a non-executive director at the financial institution.
The bank also confirmed the appointment of Emmanuel N. Nnorom as the new Group Chairman. The leadership transition was approved during a UBA board meeting held on July 6, 2026
This was announced in a statement issued on Monday which explained that Elumelu’s retirement aligns with the corporate governance guidelines issued by the Central Bank of Nigeria (CBN), which cap the tenure of non-executive directors in Nigerian banks at 12 years.
Nnorom, a long-serving Non-Executive Director on the board and seasoned banking executive, will officially assume the role on the same date Elumelu steps down. The incoming chairman is a chartered accountant with more than 40 years of experience spanning banking, finance and auditing.
UBA said his deep understanding of the institution and extensive leadership background make him well-positioned to guide the board through its next phase of growth.
The bank praised Elumelu’s leadership, describing his tenure as a defining period that strengthened UBA’s position as one of Africa’s leading financial institutions.
According to the statement, the board expressed its appreciation for his strategic direction and contributions to the bank’s long-term growth.
Under Elumelu’s leadership, UBA expanded into a pan-African banking powerhouse with operations in 20 African countries and four global financial centres, serving more than 50 million customers.
Commenting on his departure, Elumelu described serving UBA as one of the defining moments of his professional career.
He said he was leaving with confidence in the institution’s future, adding that the bank has established a strong competitive position across Africa and internationally.
Elumelu also expressed confidence in his successor, describing Emmanuel Nnorom as a leader with integrity, extensive experience and sound judgment.
On his part, Nnorom said he was honoured by the confidence reposed in him by the board and pledged to build on the bank’s achievements.
He said he looks forward to working with the board, management and employees across UBA’s markets to sustain growth while delivering long-term value to shareholders, customers and other stakeholders.
