United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors, effective August 21, 2026. This leadership transition follows the completion of the maximum 12-year tenure permitted for non-executive directors under the Central Bank of Nigeria’s (CBN) corporate governance guidelines.
In a corresponding move, the bank’s board, during a meeting on Monday, July 6, 2026, approved the appointment of Emmanuel Nnorom, a long-serving Non-Executive Director, as the incoming Group Chairman. His appointment will also take effect on August 21, 2026.
The UBA Board expressed profound appreciation for Mr. Elumelu’s visionary leadership, which transformed the bank into one of Africa’s leading financial institutions. Under his chairmanship, UBA significantly deepened its pan-African expansion strategy, now operating across 20 African countries and four global financial centres, and serving more than 50 million customers.
Mr. Elumelu described his time at UBA as one of the defining experiences of his professional career, stating, "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." He added that his objective was to build an institution that could outlive individuals and connect Africa to itself and the world.
Emmanuel Nnorom, born on April 7, 1958, is a chartered accountant with over four decades of corporate leadership experience. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN). He also completed executive leadership and management programmes at Templeton College, Oxford.
Nnorom’s extensive career includes significant executive management roles at UBA, where he served for more than eight years. His positions included Group Chief Operating Officer, Executive Director (Group Executive Office), Executive Director (Finance), Executive Director (Risk), and Managing Director/Chief Executive Officer of UBA Africa, a role he held from January 2013, overseeing the bank’s operations across the continent.
Beyond UBA, Nnorom has held prominent leadership positions within the Heirs Holdings group. He served as President and Chief Operating Officer of Heirs Holdings from January to August 2014, and later as Group Chief Executive Officer since June 2017, overseeing a diverse portfolio spanning financial services, power, healthcare, hospitality, real estate, energy, and technology.
He also led Transnational Corporation Plc (Transcorp) as President and Chief Executive Officer between September 2014 and May 2017. During this period, he oversaw the conglomerate’s businesses in power, hospitality, agriculture, and energy, expanding strategic investments including the Ughelli Power Plant and Transcorp Hotels, and strengthening its position with roughly 300,000 shareholders.
His banking career also includes senior management positions at Standard Trust Bank (now UBA), Diamond Bank, NUB International Bank, and Liberty Merchant Bank, where his responsibilities covered finance, operations, planning, risk management, information technology, human resources, and regulatory affairs.
Commenting on his appointment, Mr. Nnorom stated, "I am honoured by the trust the Board has placed in me and am 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."
