Tony Elumelu to Retire as UBA Group Chairman After Completing CBN’s 12-Year Tenure Limit
By Ekocity Magazine | Breaking News
One of Africa’s most influential business leaders, Tony O. Elumelu, CFR, will retire as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, having completed the 12-year tenure limit for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).
His retirement marks the end of a transformative era that saw UBA evolve from a leading Nigerian financial institution into one of Africa’s most successful pan-African banking groups.
During his tenure as Group Chairman, Elumelu provided strategic leadership that strengthened UBA’s footprint across the continent and beyond. Today, the bank operates in 20 African countries and maintains an international presence spanning four continents, serving more than 50 million customers through an expanding network of digital and physical banking channels.
Under his stewardship, UBA deepened its commitment to financial inclusion, digital banking innovation, cross-border trade, SME financing, and sustainable economic development. The bank also strengthened its reputation as one of Africa’s most resilient financial institutions, consistently delivering strong financial performance while expanding into new markets.
Beyond banking, Tony Elumelu is globally recognised for championing entrepreneurship through the Tony Elumelu Foundation, which has empowered thousands of young African entrepreneurs with funding, mentorship, and business training under his philosophy of Africapitalism—the belief that Africa’s private sector can drive the continent’s economic transformation.
As part of its succession plan, the UBA Board of Directors has appointed Emmanuel N. Nnorom as the incoming Group Chairman, effective upon Elumelu’s retirement.
Nnorom, a long-serving Non-Executive Director of the bank, brings decades of experience in banking, finance, corporate governance, and executive leadership. His appointment is expected to ensure continuity while supporting UBA’s next phase of growth across Africa and international markets.
The leadership transition comes at a time when African banks are accelerating digital transformation, expanding regional integration, and positioning themselves to support the implementation of the African Continental Free Trade Area (AfCFTA).
Tony Elumelu leaves behind a remarkable legacy defined by visionary leadership, strategic expansion, innovation, and an unwavering commitment to Africa’s economic development. His contributions have helped position UBA as a global African financial institution and one of the continent’s most respected banking brands.
As Emmanuel N. Nnorom prepares to assume the chairmanship, stakeholders across the financial industry will be watching closely as UBA embarks on its next chapter of growth, innovation, and continental leadership.
At Ekocity Magazine, we salute Tony Elumelu for his outstanding contributions to African banking, entrepreneurship, and economic development, while wishing Emmanuel N. Nnorom success as he leads UBA into a new era.
Fawumi Kayode Abiodun
Political Analyst | CEO, Ekocity Media | Publisher, Ekocity Magazine and The Capitol Post
Add a Comment