Elumelu To Step Down As UBA Chairman, Nnorom Named Successor

As his tenure ends next month, the Chairman of United Bank for Africa (UBA) Plc, Tony Elumelu, is set to exit the banking group even as Non-Executive director on its board, Emmanuel Nnorom is expected to step into his shoes.

Elumelu’s retirement is in compliance with the Central Bank of Nigeria (CBN’s) corporate governance guidelines, which prescribe a maximum 12-year tenure for non-executive directors of banks. His tenure will expire on August 21, 2026
Board of the bank, announcing the exit of the banking guru, expressed appreciation for his 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.

UBA said Elumelu’s leadership helped transform the lender into one of Africa’s leading financial institutions, with operations spanning 20 African countries and four global financial centres.

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

Commenting on his retirement, Elumelu described his time at UBA as one of the defining experiences 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 chairman, Emmanuel Nnorom, is a chartered accountant with more than four decades of experience in banking, finance, and auditing.

Responding to his appointment, Nnorom said he was committed to building 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.