Nigerian Business Man Tony Elumelu Retires as UBA Group Chairman After 12 Years
Nigerian businessman and philanthropist Tony Elumelu has retired as Group Chairman of United Bank for Africa (UBA) on August 21, 2026, bringing an end to his 12-year tenure at the helm of one of Africa’s largest banking groups.
UBA announced the leadership change after a board meeting on July 6, saying Elumelu’s retirement is in line with the 12-year maximum tenure for non-executive directors of banks prescribed by the Central Bank of Nigeria.
The bank has appointed Emmanuel N. Nnorom, a serving non-executive director and veteran banker, as Elumelu’s successor. His appointment will takes effect on August 21. Nnorom has more than 40 years of experience in banking, finance and auditing.
Elumelu returned to UBA’s leadership as chairman in 2014, after previously serving as the bank’s Group Managing Director and CEO. His second tenure has coincided with a major expansion of UBA’s operations across Africa and internationally.
According to UBA, the group now operates in 20 African countries, with additional operations in the United Kingdom, United States, France and United Arab Emirates, serving more than 50 million customers and employing about 25,000 people.
Elumelu said serving UBA had been one of the greatest privileges of his career and expressed confidence that the bank would continue to grow under Nnorom’s leadership.
His departure from the UBA board does not mean he is leaving business. Elumelu remains involved in his wider business interests through Heirs Holdings, which has investments spanning financial services, power, oil and gas, agribusiness, real estate and hospitality, as well as his philanthropic work through the Tony Elumelu Foundation.
