In a landmark corporate transition, United Bank for Africa (UBA) Plc has announced that its iconic Group Chairman, Tony O. Elumelu, will officially retire from the Board of Directors on August 21, 2026.
The transition complies with the Central Bank of Nigeria’s (CBN) regulatory framework, which mandates a maximum 12-year tenure limit for non-executive directors.
Following a board meeting on July 6, 2026, the financial powerhouse elected Mr Emmanuel N. Nnorom—a seasoned financial heavyweight and current Non-Executive Director—to step into the role of Group Chairman effective August 21.
A legendary 12-year transformation of Africa’s global bank
The board credited Elumelu’s visionary strategy with driving the bank’s exponential footprint, turning a regional lender into a pan-African titan.
Under his 12-year stewardship, UBA’s operational scale reached unprecedented heights.
“Serving United Bank for Africa has been one of the great privileges of my career,” Elumelu reflected on his retirement. “UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future.”
Who is Emmanuel Nnorom? The new face of UBA leadership
Incoming Group Chairman Emmanuel N. Nnorom is not a stranger to high-stakes fiscal management, bringing over 40 years of elite banking, corporate auditing, and financial strategy to the table.
A highly decorated Chartered Accountant, Nnorom has a deep understanding of the inner workings of the UBA Group and the broader African macroeconomic landscape.
The mission ahead
Working alongside Group Managing Director/CEO Oliver Alawuba, Nnorom is tasked with maintaining the bank’s aggressive digital expansion and capital growth strategies for its 25,000 employees globally.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit,” Nnorom stated. “I look forward to working to sustain UBA’s momentum and continue delivering long-term value to our shareholders.”
The seamless leadership handover is expected to reassure international investors and stakeholders as “Africa’s Global Bank” continues navigating the evolving 2026 banking recapitalisation and consolidation era.
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