RismadarVoice Reporters, July 6, 2026
Billionaire investor and philanthropist Tony Elumelu will retire as Group Chairman of United Bank for Africa (UBA) Plc on August 21, 2026, having completed the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
Elumelu’s retirement marks the end of a transformative era during which UBA strengthened its position as one of Africa’s leading financial institutions, expanding its operations to 20 African countries and four global financial centres, while growing its customer base to more than 50 million.
The UBA Board has appointed Emmanuel N. Nnorom, a long-serving Non-Executive Director and seasoned banking executive, to succeed Elumelu as Group Chairman.
The leadership transition is in line with the CBN’s corporate governance guidelines aimed at strengthening board independence and promoting sound governance practices within Nigeria’s banking sector.
