United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board on August 21, 2026, after completing the 12-year tenure limit for non-executive directors in line with the Central Bank of Nigeria’s corporate governance guidelines.

The bank also announced the appointment of Non-Executive Director Emmanuel N. Nnorom as the new Group Chairman, effective August 21, following approval by the Board at its July 6 meeting.

UBA praised Elumelu’s leadership, describing his tenure as one of the most transformative in the bank’s history, during which the lender expanded its operations to 20 African countries and four global financial centres, serving over 50 million customers.

Elumelu said he was leaving the Board with confidence in the bank’s future, describing Nnorom as a leader of integrity, experience and sound judgment.

Nnorom, a chartered accountant with over four decades of experience in banking, finance and auditing, pledged to build on UBA’s achievements and sustain its growth trajectory.

Under Elumelu’s leadership, UBA’s total assets grew from ₦2.76 trillion in 2014 to ₦33.13 trillion by the first quarter of 2026, driven by its pan-African expansion and stronger financial performance.