LAGOS – Nigerian Billionaire investor Tony Elumelu will retire as Group Chairman of United Bank for Africa Plc (UBA) on August 21, 2026, following the Central Bank of Nigeria’s (CBN) strict 12-year tenure limit for non-executive directors.
The UBA Board of Directors approved the decision on Monday, appointing long-serving non-executive director and seasoned banking executive Emmanuel N. Nnorom as his immediate successor, effective the same date.
Under Elumelu’s 12-year leadership, the tier-1 lender transformed into a pan-African financial institution, expanding its footprint across 20 African countries and four global financial hubs to serve over 50 million customers.
The leadership transition coincides with critical regulatory shifts, occurring just after UBA successfully raised N395 billion in an oversubscribed rights issue to comply with the CBN’s ongoing industry-wide recapitalization directive.
Data from UBA’s latest audited financial reports show total assets grew 9.4% to N33.2 trillion in FY 2025, while shareholders’ funds surged 24.4% to N4.25 trillion, reinforcing its robust capital buffer.
Nnorom, an alumnus of the Elumelu ecosystem who previously served as Managing Director of UBA Africa and Group CEO of Heirs Holdings, will now steer the bank through its post-recapitalization growth phase.
