United Bank for Africa (UBA) Plc is set for a leadership transition as its long-serving Group Chairman, Tony Elumelu, prepares to step down from the Board on August 21, 2026.
His exit comes after completing the maximum period allowed for non-executive directors under the corporate governance rules established by the Central Bank of Nigeria (CBN).
The development was announced in a corporate statement released on Monday by the bank’s Group Head of Marketing and Corporate Communications, Alero Ladipo. The statement explained that the transition marks the beginning of another stage in the bank’s leadership journey.
During a Board meeting held on July 6, 2026, directors approved Elumelu’s retirement and selected Emmanuel Nnorom, who currently serves as a Non-Executive Director, to assume the position of Group Chairman from August 21, 2026.
Board members paid tribute to Elumelu’s years of service, describing his leadership as instrumental in shaping UBA into one of Africa’s most influential financial institutions.
While at the helm, he oversaw the bank’s expansion beyond Nigeria, growing its presence across 20 African countries and extending its reach to four major international financial hubs. Today, the institution serves a customer base of more than 50 million people.
Nnorom, who will succeed Elumelu, is a chartered accountant with over four decades of experience across accounting, auditing, finance, and banking. His longstanding involvement with the institution is expected to provide continuity as the bank enters its next chapter.
Speaking on his departure, Elumelu said, “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.”
Expressing appreciation for his appointment, Nnorom said, “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.”
With operations spread across 20 African nations and additional offices in the United Kingdom, the United States, France, and the United Arab Emirates, UBA has built a reputation as one of the continent’s leading banking groups. Its services span personal, business, and corporate banking, while digital innovation remains central to its financial inclusion strategy.
Since opening its doors in 1949, the institution has grown into one of Africa’s largest banking employers, with approximately 25,000 staff members working across its various markets.
Investors also responded positively to the bank’s shares on Monday. UBA’s stock appreciated by ₦1.40, representing a 3.41 per cent gain, ending the trading session at ₦42.40 after opening at ₦41.00. Market activity showed that 13.768 million shares, valued at ₦577.82 million, changed hands through 1,566 completed transactions.
