United Bank for Africa Plc has announced that Group Chairman Tony Elumelu will retire from the board on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria.
The bank’s board, meeting on Monday, named current non-executive director Emmanuel Nnorom as incoming Group Chairman, effective the same date.
In a statement, UBA praised Elumelu’s “visionary leadership,” noting that under his chairmanship the bank expanded into 20 African countries plus four global financial centres, now serving over 50 million customers.
The retirement aligns with CBN corporate governance rules capping non-executive director tenure at 12 years.
In a Facebook post titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on his 12-year tenure.
He said he had never viewed Africa as a collection of borders but as “one continent, one destiny — waiting to be transformed, waiting to be believed in,” rather than 54 separate markets.
He argued that the continent’s true shortage isn’t talent but institutions that outlast the individuals who build them, calling the moment one of excitement over both what’s been achieved and what’s still ahead.
He described leadership as knowing when an institution is ready for its next chapter, rather than clinging to a role.
Marking the formal end of his chairmanship, he expressed gratitude, pride, and optimism about UBA’s future.
He said his original goal had been to connect Africa to itself and the world, and to build something bigger than any one person a vision he believes has now been realized, pointing to the bank’s reach across 50 million customers, 20 African countries, and four continents.
He credited that success to generations of colleagues, management, directors, customers, regulators, shareholders, and partners.
He welcomed Nnorom as his successor, citing his experience and deep understanding of the bank, and urged stakeholders to extend him the same trust.
Administrator and Writer
