Tony Elumelu To Step Down As UBA Chairman After 12-Year Tenure

Nigeria’s business mogul, Tony Elumelu, will step down as Group Chairman of United Bank for Africa (UBA) on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors stipulated by the Central Bank of Nigeria.

The decision was announced by the bank on Monday following a meeting of its Board of Directors. UBA said Elumelu's retirement is in line with the CBN's corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors to promote board independence and strengthen governance standards.

The bank also announced the appointment of Emmanuel Nnorom, a current non-executive director on its board, as the incoming Group Chairman. His appointment will take effect on August 21, the same day Elumelu formally retires from the board.

In a statement issued after the board meeting, UBA paid tribute to Elumelu's leadership, describing his tenure as instrumental to the institution's growth and transformation.

“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,” the statement read.

The bank noted that under Elumelu's chairmanship, UBA significantly expanded its pan-African footprint, growing its operations across 20 African countries while maintaining a presence in four global financial centres. It added that the financial institution now serves more than 50 million customers through its extensive network.