Tony Elumelu Retires As UBA Group Chairman After 12 Years, Releases Statement About Successor
- United Bank for Africa Plc announced that Group Chairman Tony Elumelu will retire on August 21, 2026
- The bank appointed Emmanuel Nnorom as the new Group Chairman, with his appointment taking effect on the same day
- UBA credited Elumelu with expanding the bank to 20 African countries, four global financial centres, and more than 50 million customers
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Tony Elumelu, the group chairman of United Bank for Africa Plc, will resign from the company’s board on August 21, 2026, when he completes the 12-year limit permitted for non-executive directors under Nigeria’s Central Bank (CBN) guidelines for corporate governance.
The bank disclosed the group chairman’s upcoming exit on Monday, July 6, following its board meeting, where it appointed currently serving non-executive director Emmanuel Nnorom as the incoming Group Chairman from the same date.
Source: Twitter
Elumelu steps down as UBA chairman
UBA stated that the exit, which was made to conform with CBN’s corporate governance guidelines, requires that a non-executive director does not serve for more than 12 years in a bid to foster stronger corporate governance and board independence.
UBA said in a statement:
“The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group."
According to the bank, during Elumelu’s tenure as chairman, UBA expanded its African presence to 20 African countries and its presence in four global financial centres, now serving more than 50 million customers.
Elumelu welcomes successor
In a post on X titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu said he was departing the leadership role with a sense of celebration and the beginning of a new chapter for the bank.
He wrote:
“On August 21, I’ll conclude my 12-year tenure as Chairman of UBA; upon the completion of the maximum 12-year tenure prescribed for Non-Executive Directors of Banks by the Central Bank of Nigeria.
"I welcome Emmanuel N. Nnorom as the next Chairman of Africa’s global bank, now serving over 50 million customers across 20 countries and 4 continents. I have full confidence in his leadership and I ask the public to extend to him the same trust and support you have so generously given me over the years.
As I close this chapter at UBA, I do so with excitement; for the future of UBA, for the future of Africapitalism, and for the limitless opportunities that lie ahead for our continent. I continue my lifelong commitment to building enduring African institutions, advancing entrepreneurship, investing in businesses, and contributing to Africa's economic transformation through Heirs Holdings and Tony Elumelu Foundation"
Source: Getty Images
He wrote:
“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny waiting to be transformed, waiting to be believed in.”
He explained that Africa’s primary problem was not the absence of talented people, but the absence of enduring institutions that outlived individuals.
Elumelu continues:
“Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter. I leave this role with profound gratitude, immense pride, and most importantly, great optimism for the future."
He stated that UBA’s journey, since inception, was driven by a singular vision to connect Africa to itself and the rest of the world, while creating an institution that would outlive its founder.
Source: Legit.ng
