Billionaire investor and philanthropist Tony Elumelu will retire as Group Chairman of United Bank for Africa on August 21, 2026, after completing the 12-year tenure limit for non-executive directors stipulated by the Central Bank of Nigeria (CBN).

Elumelu’s tenure has been marked by significant growth and expansion, with UBA evolving into a major pan-African financial institution operating in 20 African countries and four international financial centres.

Under his leadership, the bank expanded its footprint across the continent and globally, growing its customer base to more than 50 million and strengthening its position as one of Africa’s leading banking groups.

The Board of Directors has announced Emmanuel N. Nnorom as his successor. Nnorom, a long-serving Non-Executive Director and experienced banking executive, is expected to assume the role upon Elumelu’s retirement.

The transition is expected to ensure continuity in the bank’s leadership and strategic direction as UBA continues its growth across African and international markets.