United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, bringing to an end his 12-year tenure as chairman.The bank also confirmed the appointment of Emmanuel N. Nnorom as the new Group Chairman. Nnorom, who currently serves as a Non-Executive Director on the board, will assume the role on the same date Elumelu steps down. The leadership transition was approved at a UBA board meeting held on July 6, 2026, according to a statement released by the bank.
Retirement Follows CBN Governance Rules
UBA said Elumelu’s retirement aligns with corporate governance guidelines issued by the Central Bank of Nigeria (CBN), which cap the tenure of non-executive directors of Nigerian banks at 12 years. The bank praised Elumelu’s leadership and expressed its appreciation for his strategic direction and contributions to the institution’s growth.
Elumelu’s association with UBA extends beyond his 12 years as Group Chairman and dates to the 2005 merger between UBA and Standard Trust Bank.
From Colonial-Era Bank to Pan-African Financial Group
UBA traces its origins to 1949, when the British and French Bank Limited began operations in Nigeria. UBA was incorporated in 1961 to take over the bank’s business.
For several decades, UBA operated primarily as a Nigerian commercial bank. A major change in the bank’s history came during the banking consolidation programme initiated by the CBN in 2004, which required banks to increase their minimum capital base to ₦25 billion.
Before joining UBA, Elumelu was Chief Executive of Standard Trust Bank. His banking career had included the acquisition and turnaround of Crystal Bank, which was subsequently renamed Standard Trust Bank.
In 2005, Standard Trust Bank merged with UBA, with Elumelu becoming Group Managing Director and Chief Executive of the combined bank.As chief executive between 2005 and 2010, Elumelu oversaw UBA’s expansion into other African countries. Elumelu stepped down as Group Managing Director in 2010 following CBN rules limiting the tenure of bank chief executives. Four years later, in 2014, he returned to UBA as Group Chairman.
During his tenure as chairman, UBA continued to expand its operations outside Nigeria. The bank currently operates in 20 African countries and four international financial centres and serves more than 50 million customers. Elumelu is the major shareholder in UBA, with direct and indirect interests in the bank.
His retirement from the board therefore ends a period of more than two decades during which he served first as Group Managing Director and Chief Executive and subsequently as Group Chairman. Commenting on his departure, Elumelu described serving UBA as one of the defining experiences of his professional career. He said he was leaving with confidence in the institution’s future, adding that the bank had established a strong competitive position across Africa and internationally. The current Managing Director of the bank is Oliver Alawuba.
Elumelu also expressed confidence in his successor, describing Emmanuel Nnorom as a leader with integrity, extensive experience and sound judgment.
Emmanuel Nnorom to Lead UBA’s Next Chapter
Incoming chairman Emmanuel N. Nnorom is a chartered accountant with more than 40 years of professional experience spanning banking, finance, auditing and corporate management.
Nnorom has held several senior positions within companies associated with the Heirs Holdings group. He served as President and Chief Executive Officer of Transnational Corporation Plc (Transcorp), the diversified conglomerate whose interests include power, hospitality and energy.
Before becoming President and CEO of Transcorp, Nnorom served as President and Chief Operating Officer of Heirs Holdings, the African investment company founded by Tony Elumelu.
His career also includes a long association with UBA. Nnorom served as an Executive Director at UBA and subsequently as Chief Executive Officer of UBA Africa, where he was responsible for the bank’s operations outside Nigeria.
Earlier in his career, he worked at Standard Trust Bank, where he held senior management positions before the bank’s 2005 merger with UBA. Nnorom is a Fellow of the Institute of Chartered Accountants of Nigeria and has served on the boards of several companies.
His appointment therefore brings to the chairmanship a senior executive who has previously worked across UBA, Heirs Holdings and Transcorp and has experience managing the bank’s African operations. Reacting to his appointment, Nnorom said he was honoured by the confidence reposed in him by the board and pledged to build on the bank’s achievements.
He said he looked forward to working with the board, management and employees across UBA’s markets to sustain growth while delivering long-term value to shareholders, customers and other stakeholders.
The leadership handover is scheduled to take effect on August 21, 2026, when Elumelu formally retires from the board and Nnorom assumes the position of Group Chairman. Elumelu’s departure from the board ends his 12-year tenure as chairman and more than two decades in senior executive and board positions at UBA. Nnorom will take over the chairmanship of a banking group that operates across 20 African countries and four international financial centres and serves more than 50 million customers.
