United Bank for Africa Plc has unveiled a leadership transition that will see its Group Chairman, Tony Elumelu, step down from the Board of Directors on August 21, 2026, after reaching the regulatory tenure limit for non executive directors.
The move, announced by the bank on Monday, comes in line with the Central Bank of Nigeria’s corporate governance guidelines, which cap the tenure of non executive directors at 12 years.
To ensure a smooth succession, the board has appointed Emmanuel Nnorom, who has served as a Non Executive Director for several years, to assume the position of chairman from August 21.
During Elumelu’s time as chairman, UBA expanded its footprint beyond Nigeria into 20 African countries and established operations in key international markets, growing into one of the continent’s leading financial institutions with more than 50 million customers.
Speaking on his departure, Elumelu said, “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 UBA’s future. Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the bank will continue to thrive under his leadership.”
Nnorom, a chartered accountant with over 40 years of professional experience in banking, finance and auditing, is expected to lead the board through the bank’s next phase of growth.
Responding to his appointment, Nnorom said, “I am honoured by the trust the board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the board, management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders.”
The bank, founded in 1949, now operates across Africa as well as in the United Kingdom, the United States, France and the United Arab Emirates, employing about 25,000 people across its network.
UBA’s shares also closed higher on Monday, rising by 3.41 per cent to ₦42.40 after investors traded 13.77 million shares valued at about ₦577.82 million.