United Bank for Africa has announced Tony Elumelu’s retirement as Group Chairman and the election of Emmanuel Nnorom as his successor, effective August 21, 2026.
UBA Names Nnorom as Chairman as Elumelu Retires After 12-Year Tenure
UBA’s board accepted Elumelu’s retirement at its July 6 meeting and elected Nnorom, a long-serving Non-Executive Director, as his replacement, the bank announced in a statement sent to Punch. Elumelu’s exit follows the completion of the 12-year tenure limit prescribed for non-executive bank directors by the Central Bank of Nigeria.
During his tenure, UBA expanded into a pan-African institution operating across 20 African countries and four global financial centres, serving over 50 million customers. “Serving United Bank for Africa has been one of the great privileges of my career,” Elumelu said, expressing confidence in Nnorom’s leadership.
Nnorom, a chartered accountant with over 40 years’ experience in banking, finance and audit, said he was “honoured by the trust the board has placed” in him and committed to sustaining UBA’s momentum. UBA shares gained 3.41 per cent at Monday’s close, finishing at N42.40.
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