Nigerian investor and business mogul, Mr. Tony Elumelu, has announced that he will step down as Chairman of the Group Board of United Bank for Africa, UBA, on August 21, 2026, ending a 12-year tenure marked by the bank’s transformation into one of Africa’s leading financial institutions.
Elumelu said his departure marks not an end, but the beginning of another chapter in the bank’s evolution, stressing that true leadership is measured by the ability to build enduring institutions capable of thriving beyond the tenure of their founders.
In a farewell message titled, “Celebrating an African Institution: My Farewell from UBA,” Elumelu said his vision had always been to create a world-class African financial institution that would connect the continent to itself and the rest of the world while driving economic growth and expanding opportunities for businesses and entrepreneurs.
He said Africa’s greatest challenge is not a lack of talented people but the shortage of resilient institutions that can outlast individuals and sustain long-term development.
Reflecting on his years at the helm, Elumelu noted that UBA had evolved from a Nigerian bank into “Africa’s Global Bank,” serving more than 50 million customers across 20 African countries and maintaining operations on four continents.
According to him, the bank has become a key facilitator of trade and investment across Africa, demonstrating that an African-owned institution can compete successfully on the global stage while remaining firmly committed to the continent’s development.
Elumelu attributed the bank’s achievements to the dedication of its employees, management, board members, customers, regulators, shareholders and strategic partners, describing the accomplishment as a collective success built on a shared vision.
As part of the leadership transition, he announced that Mr. Emmanuel N. Nnorom will assume the position of Chairman of the UBA Group Board following his exit.
Elumelu expressed confidence in Nnorom’s ability to provide strong leadership and strategic direction, citing his extensive experience and deep understanding of the institution.
He urged shareholders, customers, partners and members of the UBA family to accord the incoming chairman the same confidence and support they had given him throughout his tenure, expressing optimism that the bank would continue to strengthen its position as a leading pan-African financial institution.
