United Bank for Africa (UBA) is preparing for a change at the top of its board, with Group Chairman Tony Elumelu confirmed to retire from the role on August 21, 2026. The move follows a Central Bank of Nigeria (CBN) directive that restricts non-executive directors, including board chairmen, to a maximum of 12 years in office.
Elumelu took up the chairmanship roughly a decade ago and has overseen one of the most significant transformations in Nigerian banking.
Under his watch, UBA grew from a domestic lender into a pan-African banking group with a footprint in 20 African countries, alongside outposts in the UK, US, France, and the UAE, extending its reach across four continents. The lender now serves a customer base exceeding 50 million.
In place of Elumelu, the board has settled on Emmanuel N. Nnorom, who has served for years as a non-executive director and brings extensive banking experience to the role. His selection from within the board is widely seen as a move to preserve institutional knowledge and keep UBA’s strategic direction intact during the changeover.
The CBN’s tenure restriction reflects a broader push to tighten governance standards across Nigerian banks and guard against excessive concentration of control at the board level over time.
As chairman, Elumelu’s responsibilities centred on board oversight and long-term strategy, distinct from the day-to-day management handled by the bank’s Group Managing Director.
Analysts have described the exit as a routine, rules-driven succession rather than a sign of internal difficulty, with UBA’s continued expansion across the continent expected to proceed uninterrupted under its incoming chairman.
