United Bank for Africa (UBA) has announced that its Group Chairman, Tony Elumelu, will step down from the position on August 21, 2026, after completing a 12-year tenure, with seasoned business executive Emmanuel N. Nnorom set to succeed him.
The announcement was made in a statement released by the bank, which described Elumelu’s leadership as transformative, crediting him with expanding UBA from a Nigerian financial institution into what it calls “Africa’s Global Bank.”
According to the bank, Elumelu played a pivotal role in strengthening UBA’s presence across Africa and international markets, connecting businesses to global opportunities while promoting innovation, resilience and sustainable growth.
UBA noted that under his leadership, the bank expanded its footprint across the continent and beyond, serving millions of customers while supporting trade, investment and economic development.
Reflecting on his departure, Elumelu described the transition as a moment of gratitude, pride and optimism, saying his vision was to build a financial institution capable of outlasting individuals and contributing meaningfully to Africa’s development.
He stated that UBA now serves more than 50 million customers across 20 African countries and operates on four continents, demonstrating that an African-owned institution can compete successfully on the global stage.
Elumelu expressed appreciation to the bank’s employees, management, board members, shareholders, regulators, customers and partners for their contributions to UBA’s growth over the years.
Commenting on the succession, he expressed confidence in Emmanuel Nnorom’s ability to lead the institution into its next phase of growth, citing his experience, leadership qualities and deep understanding of the organisation.
He also urged shareholders, customers and stakeholders to give Nnorom the same support and confidence they extended throughout his tenure.
Nnorom is currently the Group Chief Executive Officer of Heirs Holdings and Chairman of Transcorp Hotels Plc. He previously served as President and Chief Executive Officer of Transnational Corporation of Nigeria Plc (Transcorp Plc).
UBA reaffirmed its commitment to building Africa’s leading financial institution, stating that the leadership transition marks the beginning of a new chapter focused on expanding trade, driving investment, empowering businesses and creating sustainable value across Africa and beyond.