The Board of Directors of United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will officially retire from the board on August 21, 2026. The transition follows the completion of the maximum 12-year tenure limit for non-executive directors mandated by the Central Bank of Nigeria (CBN) to strengthen board independence and governance across the financial sector. Concurrently, the board has elected current non-executive director Emmanuel Nwabuikwu “Emma” Nnorom as the incoming Group Chairman, effective the same day.
The executive handover marks the conclusion of a significant chapter for the pan-African banking group:
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The Legacy of Pan-African Expansion: Under Elumelu’s 12-year stewardship, UBA scaled from a localized commercial institution into an international financial group. The bank currently operates across 20 African countries and maintains active presence in four global financial hubs: London, New York, Paris, and Dubai—serving over 50 million customers globally.
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Profile of the Incoming Chairman: Emmanuel Nnorom brings over 40 years of experience across financial management, auditing, and corporate governance to the position. A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an alumnus of Templeton College, Oxford University, Nnorom previously held senior executive positions within the bank, including Group COO and CEO of UBA Africa, and has served as the Group CEO of Heirs Holdings since June 2017.
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Elumelu’s Next Phase in Energy and Philanthropy: Reflecting on his exit, Elumelu emphasized that his retirement does not signal a departure from economic development. He will continue his long-term focus on backing African startups through the Tony Elumelu Foundation and driving macro-investments via Heirs Holdings. Furthermore, this transition precedes a major boardroom move where Elumelu is slated to assume the chairmanship of Seplat Energy in January 2027 following a $500 million equity acquisition by Heirs Energies.
