Nigerian businessman Tony Elumelu will step down as Chairman of the Board of United Bank for Africa (UBA) on August 21 after completing the maximum 12-year tenure permitted under the Central Bank of Nigeria's corporate governance regulations, the bank announced.
The board has appointed Emmanuel N. Nnorom, a long-serving non-executive director, as the incoming chairman, with his appointment taking effect on the same date, ensuring a smooth leadership transition.
Elumelu's departure marks the end of a tenure during which UBA expanded its position as one of Africa's leading financial institutions. The bank now operates in 20 African countries as well as the United Kingdom, France, the United States and the United Arab Emirates, serving more than 50 million customers across its network.
UBA said the leadership change is driven solely by regulatory requirements issued by the Central Bank of Nigeria, which limit the tenure of non-executive bank directors to 12 years. The transition forms part of the bank's corporate governance framework and is not linked to operational or financial performance.
During his tenure, Elumelu oversaw UBA's continued continental expansion, digital transformation and growing role in financing businesses and infrastructure across Africa. His leadership also strengthened the bank's position as one of the continent's most internationally connected banking groups.
Nnorom, a chartered accountant with more than four decades of experience in banking, finance and corporate governance, has served on UBA's board for several years. The bank said his extensive experience and familiarity with the institution will support continuity as it pursues its long-term growth strategy.
In a farewell message, Elumelu said he was leaving the chairmanship with "gratitude, pride and optimism," expressing confidence in the bank's future under its new leadership. He called on shareholders, employees, customers and partners to support his successor as UBA enters its next phase of development.
Although stepping down as UBA chairman, Elumelu will continue to lead his broader business interests, including Heirs Holdings, Transcorp and the Tony Elumelu Foundation, which has become one of Africa's largest philanthropic initiatives supporting entrepreneurship and private-sector development.
