United Bank for Africa (UBA) has announced that its Group Chairman, Tony Elumelu, will step down on August 21 after 12 years in the role, with Emmanuel N. Nnorom appointed as his successor.
The announcement was made in a statement on Monday, in which the bank hailed Elumelu’s tenure as transformative, crediting him with turning UBA from a Nigerian lender into what it described as “Africa’s Global Bank” with operations across the continent and beyond.
“For decades, his leadership has shaped UBA into one of Africa’s most respected financial institutions, expanding our footprint across the continent and beyond, connecting African businesses to global opportunities, and proving that an African institution can compete confidently on the world stage,” the bank said.
“We express our deepest appreciation to Mr. Tony Elumelu for his extraordinary leadership, unwavering belief in Africa, and lasting contribution to UBA’s remarkable journey.”
UBA said it remained committed to its long-term vision of building Africa’s leading financial institution, enabling trade and investment, empowering businesses and communities, and creating sustainable value across the continent.
In a post on social media, Elumelu described his departure as the culmination of a long-held vision and expressed confidence in the bank’s future.
“I conclude my tenure as Chairman of the Group Board of United Bank for Africa (UBA), on August 21, 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride, and, most importantly, great optimism for the future,” he said.
According to Elumelu, his goal was to build an institution capable of outlasting individuals while connecting Africa to itself and the rest of the world.
“We took a Nigerian bank and we made it an African one, Africa’s global bank. This has been my vision for UBA,” he said.
Elumelu noted that the group now serves more than 50 million customers, operates in 20 African countries and across four continents, and has established itself as a globally competitive financial institution rooted in Africa.
He credited the bank’s growth to generations of employees, management, directors, customers, regulators, shareholders and partners who supported its vision.
Welcoming Nnorom’s appointment, Elumelu said his successor’s experience, leadership and deep understanding of the institution would provide the continuity needed for UBA’s next phase of growth.
He also urged shareholders, customers and business partners to give Nnorom the same support they had extended to him during his tenure.
Nnorom is currently 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).
