United Bank for Africa (UBA) has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s board on August 21 after completing the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
The lender said its board of directors has elected Emmanuel N. Nnorom, a non-executive director, to succeed Elumelu from the same date.
Elumelu, one of Africa’s most prominent bankers and investors, has chaired UBA since 2014, overseeing its expansion into one of the continent’s largest financial institutions, with operations in 20 African countries as well as the United Kingdom, France, the United Arab Emirates and the United States.
Beyond UBA, he chairs Heirs Holdings, the family-owned investment company with interests in financial services, energy, power, hospitality, healthcare, technology and real estate. Through the group, he oversees businesses including Heirs Energies, Transcorp Plc, Transcorp Hotels, Transcorp Power, United Capital, Heirs Insurance and Heirs Life Assurance.
He also serves as chairman of Transcorp Plc and founded the Tony Elumelu Foundation, which has supported thousands of African entrepreneurs through its flagship entrepreneurship programme.
Elumelu’s retirement applies only to his position as UBA Group Chairman. He will continue to lead Heirs Holdings, Transcorp Plc and his other business and philanthropic interests.
He is also expected to become chairman of Seplat Energy on 1 January 2027 after Heirs Energies became the company’s largest single shareholder through the acquisition of a 20.07% stake.
UBA said the board placed on record its “profound appreciation” for Elumelu’s “visionary leadership and exceptional contribution to the growth, transformation and institutional strength” of the group.
Nnorom, a chartered accountant with more than four decades of experience in banking, finance and auditing, will assume the role on 21 August. The bank said he brings extensive leadership experience and deep institutional knowledge.
“Serving United Bank for Africa has been one of the great privileges of my career,” Elumelu said.
“UBA has 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.”
Accepting the appointment, Nnorom said he was committed to building on the bank’s legacy.
“I am honoured by the trust the Board has placed in me and 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.”
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