United Bank for Africa Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board of Directors on August 21, 2026, upon completing the maximum 12-year tenure for non-executive directors.

The bank also named Emmanuel N. Nnorom, a Non-Executive Director on the board, as the incoming Group Chairman.

His appointment will take effect on August 21, 2026.

This was disclosed in a statement issued by the bank on Monday, following the approval of the changes at its Board of Directors meeting held on July 6, 2026.

According to UBA, Elumelu’s retirement is in compliance with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of banks.

The Board expressed appreciation for Elumelu’s leadership, describing his tenure as one of the most transformative periods in the bank’s history.

“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the bank said.

According to UBA, his leadership played a pivotal role in transforming the lender into one of Africa’s leading financial institutions, with operations across 20 African countries and four global financial centres.

According to the bank, the Group now serves more than 50 million customers across its markets, reinforcing its position as one of Africa’s largest banking groups.

Commenting on his retirement, Elumelu described his time at UBA as one of the defining chapters of his professional career.

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future.
“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,” he said.

The incoming Group Chairman, Emmanuel N. Nnorom, is a chartered accountant with more than four decades of experience in banking, finance, and auditing.

According to UBA, his extensive leadership experience and deep understanding of the institution position him to lead the Board through its next phase of growth.

Responding to his appointment, Nnorom said he is committed to building on the bank’s achievements and advancing its growth trajectory.

“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.

The leadership transition will take effect on August 21, 2026, when Tony O. Elumelu retires from the Board, paving the way for Emmanuel N. Nnorom to assume the role of Group Chairman.