Tony Elumelu will retire as Group Chairman of United Bank for Africa on August 21, 2026, after reaching the 12-year tenure limit for non-executive directors set by the Central Bank of Nigeria.

The announcement was made by UBA on Monday, confirming that the transition is part of the bank’s compliance with the CBN’s corporate governance guidelines.

Nnorom named successor

The bank also announced the appointment of Emmanuel N. Nnorom as the new Group Chairman, effective immediately after Elumelu’s retirement.

Nnorom is an experienced banker and long-serving Non-Executive Director of UBA. He previously served as the bank’s Group Chief Operating Officer and Group Chief Financial Officer and currently holds the position of Group Chief Executive Officer of Heirs Holdings.

End of an era at UBA

Elumelu has been one of the driving forces behind UBA’s transformation into one of Africa’s leading financial institutions.

Under his leadership, the bank expanded its operations across 20 African countries and established a presence in global financial centres, including the United Kingdom, France, the United Arab Emirates and the United States. UBA now serves more than 50 million customers across its markets.

His leadership also focused on digital banking, financial inclusion and pan-African expansion.

Beyond banking

Outside UBA, Elumelu is widely recognised for promoting his Africapitalism philosophy, which advocates private sector-led development across Africa.

Through the Tony Elumelu Foundation, he has supported thousands of entrepreneurs across the continent.

Reports also indicate that Elumelu is expected to assume the role of Chairman of Seplat Energy from January 1, 2027.

The leadership transition is expected to ensure continuity at UBA as the bank begins a new chapter under Nnorom’s chairmanship.