Billionaire investor and philanthropist Tony Elumelu will retire as Group Chairman of United Bank for Africa (UBA) on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as prescribed by the Central Bank of Nigeria (CBN).
Elumelu assumed the chairmanship in 2014 and has overseen one of the most transformative periods in the bank’s history.
Under his leadership, UBA strengthened its position as one of Africa’s leading financial institutions, expanding its footprint to 20 African countries as well as key international financial centres in the United Kingdom, the United States, France and the United Arab Emirates.
The bank also grew its customer base to more than 50 million, accelerated its digital banking strategy, enhanced corporate governance standards, and reinforced its reputation as Africa’s global bank.
Throughout his tenure, Elumelu championed UBA’s pan-African expansion agenda, driving investments in technology, innovation, financial inclusion and cross-border banking.
His leadership helped position the bank as a major financier of trade, infrastructure and economic development across the continent, while maintaining a strong focus on sustainable growth and shareholder value.
Following his retirement, the Board has appointed Emmanuel N. Nnorom, a long-serving Non-Executive Director and seasoned banking executive, as the incoming Group Chairman.
Nnorom is expected to build on Elumelu’s legacy and lead the bank into its next phase of growth and innovation.
