Tony Elumelu retires as UBA Chairman after 12 years, assets up 1,100%
Tony Elumelu is retiring as UBA Chairman on August 21, in line with CBN’s 12-year tenure limit for non-executive directors.
United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the 12-year tenure limit for non-executive directors. The bank also announced the appointment of Emmanuel N. Nnorom, a Non-Executive Director on the board, as the incoming Group Chairman.
According to the bank, the decision was approved at its board meeting on July 6, 2026. Elumelu’s retirement is in compliance with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a maximum 12-year tenure for non-executive directors of banks.
The Board expressed appreciation for his leadership, describing his tenure as one of the most transformative periods in the bank’s history. “The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the bank said.
Under Elumelu’s chairmanship, UBA recorded one of the most significant growth phases in its history, with the bank’s balance sheet expanding more than tenfold. According to Nairalytics data, UBA’s total assets stood at ₦2.76 trillion in 2014 when Elumelu assumed the role of Group Chairman. By the end of the first quarter of 2026, total assets had surged to ₦33.13 trillion, representing an increase of more than 1,100 percent over the 12 years.
Commenting on his retirement, Elumelu described his time at UBA as one of the defining experiences of his professional career. “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. “Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”
The incoming chairman, Emmanuel Nnorom, is a chartered accountant with more than four decades of experience in banking, finance and auditing. UBA said his extensive leadership experience and deep understanding of the institution position him well to lead the Board through its next phase of growth.
This mirrors the 2010s banking consolidation era, when the CBN’s tenure limits forced many founding chairmen to step down. The mechanism then was different, but the result was the same: a new generation of leadership taking over from the founders.
The winners: UBA, which gains fresh leadership; Emmanuel Nnorom, who takes over one of Africa’s largest banks; and the CBN, which has enforced its governance rules. The losers: Tony Elumelu, who must step down from a bank he helped build, and the banking sector, which loses one of its most influential figures.
Bottom Line: Tony Elumelu is leaving UBA after 12 years. Assets up 1,100 percent. He leaves a giant. The question is whether the giant will keep growing.