Elumelu to retire as UBA chairman, Nnorom named successor

UNITED Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the board on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors of banks as stipulated by the Central Bank of Nigeria (CBN).

The bank disclosed in a notice to the Nigerian Exchange Limited (NGX), the Securities and Exchange Commission (SEC), and shareholders on Monday that its board, at a meeting held on July 6, 2026, accepted Elumelu’s retirement letter and approved the appointment of Non-Executive Director Emmanuel N. Nnorom as the new group chairman, effective August 21, 2026.

UBA said in the notice signed by Group Company Secretary, Bili A. Odum, that the board expressed profound appreciation to Elumelu for what it described as his visionary leadership and exceptional contributions to the bank’s growth, transformation and institutional strength during his tenure.

READ ALSO: How Elumelu’s Heirs Holdings borrowed N41.8bn from UBA at 15% – far lower than market interest rate

Nnorom, a chartered accountant with more than 4 decades of experience in banking, finance and auditing, is expected to bring extensive leadership experience and deep institutional knowledge of the bank to his new role.

Reflecting on his retirement, Elumelu described serving UBA as one of the greatest privileges of his career. He said the bank occupies a unique competitive position across Africa and globally, adding that he was leaving the board with confidence in UBA’s future. He also expressed confidence in Nnorom’s integrity, experience and judgment, saying the bank would continue to thrive under his leadership.

Responding to his appointment, Nnorom said he was honoured by the confidence reposed in him by the Board and mindful of the legacy he was inheriting. He pledged to work closely with fellow directors, management and employees across UBA’s markets to sustain the bank’s growth and continue delivering long-term value to shareholders, customers and other stakeholders.