Tony Elumelu to Leave UBA Chairmanship After 12 Years as Emmanuel Nnorom Takes Over
Tony Elumelu will step down as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, ending a 12-year tenure at the helm of one of Africa’s biggest banking groups.
Billionaire businessman and philanthropist Tony Elumelu is set to retire as Chairman of the UBA Group Board on August 21, 2026, following the completion of the maximum tenure allowed for non-executive directors under Central Bank of Nigeria (CBN) corporate governance rules.
UBA announced the leadership transition after a meeting of its Board of Directors on July 6, confirming that Emmanuel Nnorom, a long-serving Non-Executive Director, will succeed Elumelu as Group Chairman.
Nnorom’s appointment will take effect on the same day Elumelu leaves office.
Why Tony Elumelu Is Leaving UBA
Elumelu’s exit is tied to the CBN’s corporate governance guidelines, which set a maximum 12-year tenure for non-executive directors.
After serving as UBA Group Chairman since 2014, Elumelu will therefore leave the position when his 12-year tenure ends on August 21.
His departure is not a retirement from business.
Elumelu will continue his leadership roles across several of his major business and philanthropic interests, including Heirs Holdings, Transcorp Plc, and the Tony Elumelu Foundation.
Emmanuel Nnorom to Become UBA Group Chairman
Emmanuel Nnorom, who has served for years as a Non-Executive Director on the UBA Board, will take over from Elumelu.
The transition is expected to provide continuity as UBA moves into its next phase following years of expansion under Elumelu’s chairmanship.
UBA credited Elumelu with playing a major role in strengthening the group’s pan-African strategy. Under his leadership as chairman, the bank expanded its operations to 20 African countries and established a presence in four global financial centres.
The expansion helped reinforce UBA’s position as one of the continent’s leading financial institutions.
Elumelu Reflects on 12 Years at the Helm
Reacting to the announcement, Elumelu expressed gratitude for the opportunity to lead UBA’s Group Board and said he was optimistic about the bank’s future.
He said his tenure had been driven by the ambition to build an institution capable of outliving individual leaders while strengthening connections between Africa and the rest of the world through banking and finance.
For Elumelu, the August 21 transition represents the end of his time as chairman, rather than the end of his relationship with UBA.
His association with the banking group stretches back decades.
How Tony Elumelu Built His UBA Legacy
Before becoming chairman, Elumelu played a major role in the transformation of Standard Trust Bank, which later merged with UBA in 2005.
He subsequently served as UBA’s Group Managing Director and Chief Executive Officer, overseeing a period of rapid expansion before leaving the CEO position in 2010 following the CBN’s tenure limit for bank chief executives.
Four years later, he returned to UBA as Group Chairman.
In that role, his focus shifted from the bank’s day-to-day management to its broader strategic direction, with the group continuing its expansion across Africa and into international financial centres.
Elumelu’s Exit Does Not End His Business Career
Although Elumelu is leaving the UBA chairmanship, he remains a major figure in Nigeria’s business landscape.
He will continue as Chairman of Heirs Holdings and Chairman of Transcorp Plc, while also remaining the founder of the Tony Elumelu Foundation, which supports African entrepreneurs through funding, mentorship and business development opportunities.
His departure from UBA therefore marks a major leadership change for the banking group, but Elumelu will remain active across business, investment and philanthropy.
