LAGOS, NIGERIA – Tony Elumelu, billionaire investor and philanthropist, will retire as Group Chairman of United Bank for Africa on August 21, 2026, bringing an end to a transformative 12-year tenure at the helm of one of Africa’s largest financial institutions.
His retirement follows the implementation of the Central Bank of Nigeria corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors and chairpersons of commercial banks.
Elumelu, who assumed the position of Group Chairman in 2014, oversaw a period of remarkable growth and continental expansion for UBA. During his leadership, the bank strengthened its position as one of Africa’s leading financial institutions, expanding its operations across 20 African countries while maintaining an international presence in the United Kingdom, the United States, France, and the United Arab Emirates.
Today, UBA serves more than 50 million customers through an extensive network of branches, digital banking platforms, and innovative financial services across four continents.
Throughout his tenure, Elumelu championed innovation, digital transformation, financial inclusion, and sustainable banking, helping position UBA as a key player in Africa’s evolving financial ecosystem. His leadership also reinforced the bank’s commitment to supporting businesses, entrepreneurs, and economic development across the continent.
Beyond banking, Elumelu is widely recognised for promoting entrepreneurship through the Tony Elumelu Foundation, which has empowered thousands of young African entrepreneurs with funding, mentorship, and business training.
Following his retirement, the UBA Board has appointed Emmanuel N. Nnorom as the incoming Group Chairman, effective August 21, 2026.
Nnorom, a respected banking executive and long-serving Non-Executive Director on the UBA Board, brings decades of experience in banking, corporate governance, investment management, and financial services. His appointment is expected to ensure continuity in the bank’s strategic direction while building on the strong foundation established under Elumelu’s leadership.
Industry analysts believe the leadership transition marks the end of a significant chapter in UBA’s history, as Elumelu leaves behind a legacy defined by expansion, resilience, innovation, and a strong commitment to Africa’s economic growth.
Although stepping down as Group Chairman of UBA, Elumelu is expected to remain active in business, investment, and philanthropy through his various enterprises and initiatives, continuing to influence entrepreneurship and economic development across Africa.
The transition is scheduled to take effect on August 21, 2026, in line with the Central Bank of Nigeria’s corporate governance regulations.
