Tony Elumelu to Retire as UBA Group Chairman on August 21, 2026
Billionaire businessman and philanthropist Tony Elumelu will step down as the Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, concluding a 12-year tenure at the helm of one of Africa's largest banking groups. UBA announced the development in a statement issued after its Board of Directors meeting on Monday, July 6, 2026, citing compliance with the Central Bank of Nigeria (CBN) corporate governance guidelines, which mandate a maximum 12-year tenure for non-executive directors.
Emmanuel Nnorom to Succeed Elumelu as Group Chairman
The bank also announced that Emmanuel Nnorom, a long-serving Non-Executive Director on the UBA Board, will succeed Elumelu as Group Chairman. His appointment takes effect on August 21, 2026, the same day Elumelu officially leaves office. In its statement, UBA paid tribute to Elumelu's leadership, describing his tenure as transformative for the bank. The board said: "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."
Elumelu's Transformational Impact on UBA
Under Elumelu's chairmanship, UBA strengthened its pan-African expansion strategy and now operates in 20 African countries and four global financial centres, cementing its position as one of Africa's leading financial institutions. Elumelu's relationship with UBA spans decades. He first gained prominence after leading the transformation of Standard Trust Bank, which later merged with UBA in 2005. As the bank's Group Managing Director and CEO, he oversaw UBA's rapid expansion across Africa before stepping down as CEO in 2010 following CBN's tenure limit for bank chief executives. He returned four years later as Group Chairman, overseeing the bank's strategic direction. During his chairmanship, UBA expanded its operations across Africa, strengthened its presence in international financial centres, and grew its customer base into the tens of millions.
Elumelu Expresses Gratitude and Optimism
Reacting to the announcement, Elumelu expressed gratitude for the opportunity to lead the bank's board over the past 12 years. "I conclude my tenure as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride and, most importantly, great optimism for the future," he said. He added that one of his biggest ambitions was to build an institution that would outlive individuals while connecting Africa to the rest of the world through banking and finance.
Elumelu Continues Leading Other Ventures
Elumelu's retirement applies only to his role as UBA Group Chairman. He will continue to serve as Chairman of Heirs Holdings, Chairman of Transcorp Plc, and Founder of the Tony Elumelu Foundation, through which he has funded and mentored thousands of African entrepreneurs. His exit marks the end of an era at UBA, but not the end of his influence in Africa's banking and business landscape.
