United Bank for Africa (UBA) has announced that its Group Chairman, Tony Elumelu, will step down on August 21, 2026, after serving 12 years in the role. The bank also confirmed the appointment of Emmanuel N. Nnorom as the incoming chairman.
In a statement released on Monday, UBA praised Elumelu’s leadership, describing his tenure as a defining period that transformed the lender from a Nigerian financial institution into “Africa’s Global Bank,” with operations spanning the continent and beyond.
According to the bank, Elumelu spearheaded the expansion of UBA’s footprint across Africa, connecting businesses to international markets while driving innovation, resilience, and sustainable growth.
The bank expressed appreciation for his contributions, stating that his leadership helped position UBA among Africa’s most respected financial institutions.
“As we begin a new chapter, we remain committed to our vision of building Africa’s leading financial institution, enabling trade and investment, empowering businesses and communities, and creating lasting value across the continent and beyond,” the statement said.
Reflecting on his departure in a post shared on social media, Elumelu described the transition as a moment of gratitude, pride, and optimism. He said effective leadership is about building institutions that outlive individuals and recognising the right time to hand over responsibility.
He noted that his vision was to create a world-class African bank capable of connecting the continent with global opportunities while supporting entrepreneurs, governments, shareholders, and communities.
“Today, that vision has become a reality. UBA now serves more than 50 million customers across 20 African countries and operates on four continents, demonstrating that an African institution can compete successfully on the global stage,” Elumelu said.
He credited the bank’s achievements to the commitment of its employees, management, board members, customers, regulators, shareholders, and business partners who contributed to UBA’s growth over the years.
Elumelu also welcomed the appointment of Emmanuel N. Nnorom, expressing confidence in his ability to lead the bank into its next phase of expansion. He described Nnorom as an experienced business leader with a deep understanding of the institution and urged shareholders, customers, and partners to give him the same support that contributed to UBA’s success.
Nnorom currently serves as Group Chief Executive Officer of Heirs Holdings and Chairman of Transcorp Hotels Plc. He previously served as President and Chief Executive Officer of Transnational Corporation of Nigeria Plc (Transcorp Plc).
