Lagos, Nigeria — Chairman of United Bank for Africa (UBA) Group, Tony O. Elumelu, CFR, has announced that he will step down as Chairman of the Group Board on August 21, 2026, bringing to a close a 12-year tenure in the role and decades of association with one of Africa’s largest financial institutions.
In a statement announcing his decision, Elumelu said his departure reflects his long-held belief in building enduring institutions capable of thriving beyond the tenure of individual leaders.
He said his vision was to transform UBA into a pan-African financial institution that connects Africa with the rest of the world while supporting businesses, entrepreneurs, governments, shareholders, and communities across the continent.
Under his leadership, UBA expanded its footprint significantly, growing from a Nigerian commercial bank into a leading pan-African banking group. Today, the bank serves more than 50 million customers, operates in 20 African countries and maintains a presence across four continents, facilitating trade, investment, and cross-border financial services.
Industry analysts say Elumelu’s tenure has been instrumental in positioning UBA as one of Africa’s most recognisable banking brands. The bank’s continental expansion has strengthened financial inclusion, supported intra-African trade, created employment opportunities, and enhanced access to banking services for millions of individuals and businesses.
The growth of UBA has also contributed to Nigeria’s standing as a major player in Africa’s financial services sector, showcasing the ability of Nigerian institutions to compete successfully on the global stage while driving economic integration across the continent.
Reflecting on the bank’s journey, Elumelu described UBA as “Africa’s global bank,” noting that its success was made possible through the contributions of employees, management, directors, regulators, shareholders, customers, and business partners.
As part of the leadership transition, Elumelu announced that Mr. Emmanuel Nnorom will succeed him as Chairman of the UBA Group Board following his retirement.
He expressed confidence in Nnorom’s leadership, describing him as an experienced executive with a deep understanding of the institution and the strategic direction required to sustain its growth. Elumelu also called on shareholders, customers, partners, and employees to support the incoming chairman as the bank enters its next phase of development.
The transition marks a significant milestone for UBA and underscores the institution’s succession planning and commitment to corporate governance. Market observers say the orderly handover is expected to reinforce investor confidence while ensuring continuity in the bank’s long-term strategy of expanding financial services across Africa and strengthening its position in international markets.
