A major leadership change is coming to one of Nigeria’s biggest financial institutions. Tony Elumelu will leave his position as Chairman of United Bank for Africa, ending a 12-year tenure that shaped the bank’s expansion across Africa.
LAGOS, NIGERIA — United Bank for Africa (UBA) has announced that Tony Elumelu will retire as the Group Chairman on August 21, 2026, after serving in the role for 12 years. According to a statement released by the bank, Emmanuel Nnorom will succeed him as Chairman following the completion of Elumelu’s tenure.
UBA said the leadership transition forms part of the bank’s corporate governance and succession planning process. The bank noted that Tony Elumelu played a key role in strengthening UBA’s position as one of Africa’s leading financial institutions, overseeing growth across multiple countries and supporting innovation in banking services. The statement added that Emmanuel Nnorom will assume leadership of the board after Elumelu’s retirement takes effect.
The bank praised Tony Elumelu for his contributions during his years as chairman, highlighting his commitment to corporate governance, business expansion and shareholder value. UBA also expressed confidence in Emmanuel Nnorom, describing him as an experienced business leader with the capacity to guide the institution through its next phase of growth. The announcement confirmed that the transition will take effect on August 21, 2026.
Tony Elumelu is one of Africa’s most prominent entrepreneurs and investors. Beyond his leadership at UBA, he chairs Heirs Holdings and leads the Tony Elumelu Foundation, which supports entrepreneurship across the continent. Emmanuel Nnorom has also held several leadership positions in Nigeria’s corporate sector and has served on the boards of major companies.
The development means UBA is preparing for a carefully planned leadership transition while maintaining continuity in its corporate governance structure. Shareholders, investors and industry stakeholders are expected to monitor the handover process closely as Emmanuel Nnorom takes over the board and the bank continues its operations across Africa and international markets.
