LAGOS – United Bank for Africa (UBA) Plc has announced the appointment of Emmanuel Nnorom as its new Group Chairman following the retirement of Tony Elumelu from the bank’s Board of Directors.
The transition will take effect on August 21, 2026, in line with the Central Bank of Nigeria’s regulatory requirement limiting the tenure of non-executive directors of banks to 12 years.
The announcement was contained in a statement issued by the bank on Monday and signed by the Group Head of Marketing and Corporate Communications, Alero Ladipo.
According to the statement, the decision was reached during the Board meeting held on July 6, 2026, where members accepted Elumelu’s retirement and unanimously elected Nnorom, currently a Non-Executive Director, as his successor.
The Board commended Elumelu for his visionary leadership, noting that his tenure marked a significant era in the bank’s growth and expansion.
During his time as chairman, UBA strengthened its position as a leading pan-African financial institution, extending operations to 20 African countries and four international financial centres while serving more than 50 million customers.
Reacting to his retirement, Elumelu described his years of service at UBA as one of the greatest honours of his professional career.
“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the board with great confidence in the bank’s future,” he said.
He expressed confidence in his successor, describing Nnorom as a leader with integrity, experience, and sound judgment who is well-positioned to sustain the institution’s growth.
Nnorom, a chartered accountant with more than four decades of experience spanning banking, finance, and auditing, pledged to build on the bank’s achievements.
“I am honoured by the confidence reposed in me by the Board and mindful of the legacy entrusted to me. I look forward to working with the Board, management, and employees across our markets to sustain UBA’s momentum and continue creating long-term value for shareholders, customers, and other stakeholders,” he said.
Widely regarded as Africa’s global bank, UBA operates in 20 African countries with additional presence in the United Kingdom, the United States, France, and the United Arab Emirates. Established in 1949, the bank has grown into one of Africa’s largest financial institutions, employing about 25,000 people across its operations.
Meanwhile, investors reacted positively to the announcement as UBA’s shares gained 3.41 per cent at the close of trading on Monday. The stock rose by N1.40 to close at N42.40, up from N41.00, with 13.768 million shares worth N577.82 million exchanged in 1,566 deals.
