After 12 years, Tony Elumelu is stepping down as UBA Group Chairman — see retirement date, who takes over and other details

• Tony Elumelu will retire as UBA Group Chairman on August 21, 2026, after reaching the CBN's 12-year tenure limit for non-executive directors. 

• Emmanuel Nnorom, a long-serving Non-Executive Director, will take over as Group Chairman on the same day. 

• UBA credited Elumelu with expanding the bank to 20 African countries and four global financial centres during his chairmanship. 

• Elumelu is not retiring from business and will continue to lead Heirs Holdings, Transcorp Plc, and the Tony Elumelu Foundation. 

Billionaire businessman and philanthropist Tony Elumelu will step down as the Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, bringing to an end a 12-year tenure as chairman of one of Africa's largest banking groups. 

UBA announced the development in a statement issued after its Board of Directors meeting on Monday, July 6, saying Elumelu's retirement is in line with the Central Bank of Nigeria (CBN) corporate governance guidelines, which prescribe a maximum 12-year tenure for non-executive directors. 

The bank also announced that Emmanuel Nnorom, a long-serving Non-Executive Director on the UBA Board, will succeed Elumelu as Group Chairman, with his appointment taking effect on August 21, 2026—the same day Elumelu officially leaves office. 

In its statement, UBA paid tribute to Elumelu's leadership, describing his tenure as transformative for the bank.

The board said:

"The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group."

It added that under his chairmanship, UBA strengthened its pan-African expansion strategy and now operates in 20 African countries as well as four global financial centres, cementing its position as one of Africa's leading financial institutions. 

Reacting to the announcement, Elumelu expressed gratitude for the opportunity to lead the bank's board over the past 12 years.

"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. 

He added that one of his biggest ambitions was to build an institution that would outlive individuals while connecting Africa to the rest of the world through banking and finance. 

Although Elumelu has served as Group Chairman since 2014, his relationship with UBA spans much longer.

He first gained prominence after leading the transformation of Standard Trust Bank, which later merged with UBA in 2005. As the bank's Group Managing Director and Chief Executive Officer, he oversaw UBA's rapid expansion across Africa before stepping down as CEO in 2010 following the CBN's tenure limit for bank chief executives.

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He returned four years later as Group Chairman, overseeing the bank's strategic direction rather than its day-to-day operations. During his chairmanship, UBA expanded its operations across Africa and strengthened its presence in international financial centres, while growing its customer base into the tens of millions. 

Elumelu's retirement applies only to his role as UBA Group Chairman. He will continue to serve as Chairman of Heirs Holdings, Chairman of Transcorp Plc, and Founder of the Tony Elumelu Foundation, through which he has funded and mentored thousands of African entrepreneurs. 

His exit therefore marks the end of an era at UBA, but not the end of his influence in Africa's banking and business landscape.