United Bank for Africa (UBA) has announced Emmanuel Nnorom as its incoming Group Chairman following the planned retirement of billionaire investor and philanthropist Tony Elumelu, who will step down on August 21, 2026.

Nnorom’s appointment marks the beginning of a new leadership chapter for one of Africa’s largest financial institutions. He is expected to assume the role after Elumelu completes the maximum 12-year tenure permitted for non-executive directors under the Central Bank of Nigeria’s (CBN) corporate governance guideline.

Elumelu’s departure is therefore a regulatory transition rather than a resignation linked to business performance or personal reasons.Tony Elumelu has played a transformative role in UBA’s modern history. After serving as the bank’s Group Managing Director and Chief Executive Officer, he stepped down from the executive position in 2010 in compliance with CBN regulations before becoming Group Chairman. During his leadership, UBA expanded into more than 20 African countries and strengthened its presence in key international financial centres, cementing its reputation as one of Africa’s leading banking groups.

Beyond banking, Elumelu is widely recognized for promoting entrepreneurship through the Tony Elumelu Foundation. His Africapitalism philosophy has helped thousands of young African entrepreneurs gain access to funding, mentorship and business training, making him one of the continent’s most influential business leaders.

As Emmanuel Nnorom prepares to take over the chairmanship, stakeholders will be watching closely to see how he builds on Elumelu’s legacy of growth, innovation and pan-African expansion. His appointment comes at a pivotal moment for UBA as the bank continues to strengthen its position across Africa and the global financial market while maintaining strong corporate governance standards.

Elumelu’s exit closes a significant chapter in UBA’s history, while Nnorom’s appointment signals continuity as the bank enters its next phase of leadership and growth.