United Bank for Africa (UBA) Chairman, Tony Elumelu, has officially announced that he will step down from the bank’s board on August 21, 2026, bringing to an end a remarkable 12-year tenure marked by the transformation of UBA into one of Africa’s leading financial institutions.
In a heartfelt farewell message released on Monday, Elumelu reflected on his decades-long relationship with the bank and reaffirmed his belief that strong institutions—not individuals—hold the key to Africa’s long-term development.
According to the renowned banker and investor, his vision was never simply to lead a successful bank but to build an institution capable of outlasting generations of leaders while driving economic growth across the African continent.
‘Africa Needs Strong Institutions’
Elumelu said Africa is rich in talented people but continues to face a shortage of enduring institutions capable of sustaining development beyond individual leadership.
He explained that his ambition was to position UBA as a truly pan-African financial institution that would connect African economies, support businesses, promote entrepreneurship, facilitate cross-border trade, and contribute meaningfully to the continent’s transformation.
“We took a Nigerian bank and made it an African one—Africa’s global bank,” Elumelu stated, describing the achievement as the fulfilment of a long-held vision.
UBA’s Remarkable Growth Under Elumelu
During his leadership, UBA expanded significantly across Africa and beyond, growing into one of the continent’s largest banking groups.
Today, the bank serves more than 50 million customers, operates in 20 African countries as well as offices on four continents, and plays a major role in financing trade, investment, and economic development across Africa.
Elumelu credited the bank’s success to the dedication of its employees, management team, board members, shareholders, regulators, customers, and business partners who contributed to its growth over the years.
Emmanuel Nnorom Named New UBA Chairman
As part of the leadership transition, Elumelu announced that Emmanuel N. Nnorom will assume the role of Chairman of the UBA Group Board following his departure.
He expressed confidence in Nnorom’s ability to lead the institution into its next phase of growth, describing him as an experienced leader with a deep understanding of the bank’s operations and strategic direction.
Elumelu urged shareholders, customers, employees, and stakeholders to give the incoming chairman the same support and confidence they had shown him throughout his tenure.
A New Chapter for UBA
Elumelu’s exit marks the end of an era for UBA, a bank that evolved from a Nigerian financial institution into a major pan-African banking group under his leadership.
While stepping away from the board, the billionaire entrepreneur is expected to continue championing economic development across Africa through his business interests and philanthropic initiatives focused on entrepreneurship, investment, and youth empowerment.
His departure opens a new chapter for UBA as the institution seeks to consolidate its position as one of Africa’s foremost financial services providers under new leadership.
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