Billionaire investor and philanthropist Tony Elumelu will retire as Group Chairman of United Bank for Africa (UBA) on August 21, 2026. He is stepping down after reaching the 12-year limit that the Central Bank of Nigeria (CBN) allows for non-executive directors.
Under his leadership, UBA grew into one of Africa’s biggest banks. It now operates in 20 African countries and in four major financial centres around the world, serving more than 50 million customers.
The UBA Board has chosen Emmanuel N. Nnorom to take over from him. Nnorom has served on the Board for a long time and is an experienced banking executive.
What Elumelu Said About Leaving
The UBA Board thanked Elumelu for his leadership. They described his time as Chairman as one of the most important periods in the bank’s history.
Elumelu said leading UBA was one of the greatest privileges of his career. He said the bank now has a strong position in Africa and around the world, and that he is leaving with full confidence in UBA’s future.
He also spoke well of his successor. He described Nnorom as a leader with integrity, experience, and good judgement, and said he believes UBA will continue to do well under him.
Who Is the New Chairman?
Emmanuel Nnorom is a chartered accountant. He has more than 40 years of experience in banking, finance, and auditing.
Speaking after his appointment, Nnorom said he felt honoured by the Board’s trust in him. He said he understands the responsibility he now carries. He also said he looks forward to working with the Board, management, and staff across all of UBA’s markets, so the bank can keep growing and keep delivering value to shareholders and customers.
Elumelu’s Long Journey With UBA
This is not the first time Elumelu has stepped down from UBA. He first led the bank as its Group Managing Director and CEO. He left that role in 2010 after the CBN introduced a rule limiting bank CEOs to 10 years in office. That change is actually what pushed him to start Heirs Holdings, his investment company, the same year.
Later, Elumelu returned to UBA’s Board and became Group Chairman in 2014. He has held that position for about 12 years, and now it is ending for a similar reason as before — a CBN rule limiting how long bank leaders can serve.
UBA’s Reach Around the World
Apart from its presence in 20 African countries, UBA also operates in London, Paris, New York, and Dubai. It is currently the only African bank allowed to take deposits directly in the United States.
Published by Ejoh Caleb
