United Bank for Africa (UBA) has announced that its group chairman, Tony Elumelu, will retire from the board of directors on August 21, 2026.
The bank reported this on Monday during its board meeting, claiming that the process was required after non-executive directors had completed the maximum 12-year tenure prescribed by the Central Bank of Nigeria.
The financial institution has selected Emmanuel Nnorom, a current non-executive director on the board, as the new group chairman, effective the same day Elumelu leaves.
In a statement issued shortly after the meeting, the bank stated, “The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centers.
“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”
In reaction, Elumelu, on his Facebook, acknowledged his years of service as the chairman of an “African institution that can compete globally while being deeply committed to our continent’s development.”
In the post titled, “Celebrating an African Institution: My Farewell from UBA,” he said, “I have never been able to look at Africa and see only borders. Where many saw fifty-four separate markets, I saw one continent, one destiny—waiting to be transformed and waiting to be believed in.
“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men. Today is a day of huge excitement—of potential delivered and continued opportunity. Leadership is not about holding onto a position but knowing when an institution is ready for the next chapter.
“I conclude my tenure as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride, and most importantly—great optimism for the future.”
He said that his goal in establishing the bank was to connect Africa to itself and the rest of the globe, as well as to create something that would outlive individuals.
Elumelu continued, “Today, that vision is reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally while being deeply committed to our continent’s development.
“This success belongs to generations of dedicated colleagues, exceptional management, visionary directors, loyal customers, supportive regulators, committed shareholders, and partners who believed in our shared purpose.”
He also welcomed his successor, Nnorom, to lead the bank, emphasizing his confidence in his experience, leadership, and deep understanding of the bank, while urging shareholders, customers, partners, and the entire UBA family to extend to him the same trust and support they have shown him over the years.
