Tony Elumelu has officially stepped down as Group Chairman of United Bank for Africa (UBA) after completing the maximum 12-year tenure permitted for non-executive directors of Nigerian banks.
His retirement took effect on August 21, 2026, marking the end of a major chapter in the history of one of Africa’s largest banking groups. UBA had announced the transition in July, following a board meeting that accepted Elumelu’s retirement and elected Emmanuel N. Nnorom as his successor.
Elumelu’s departure was not the result of a boardroom dispute or a voluntary decision to walk away from business. It followed the Central Bank of Nigeria’s 12-year tenure limit for non-executive directors of banks.
Under his chairmanship, UBA expanded its pan-African footprint, with operations across 20 African countries and financial centres in the United Kingdom, United States, France and the United Arab Emirates. The bank says it now serves more than 50 million customers.
In a farewell message, Elumelu described his exit as the beginning of a new chapter for the institution, stressing that leadership should ultimately be about building institutions capable of outlasting individual leaders.
Nnorom, a long-serving UBA non-executive director and experienced banker, now takes over the Group Chairmanship. His appointment became effective on the same day Elumelu left the board.
For Elumelu, however, the UBA exit does not represent a withdrawal from business. He remains active across his wider investment, entrepreneurship and philanthropic interests.
