After 12 years, Elumelu exits UBA as Nnorom takes over

United Bank for Africa Plc has formally welcomed Emmanuel N. Nnorom as its new Group Chairman, days after he assumed the position following the retirement of Tony Elumelu from the bank’s Board of Directors.

Mr Nnorom officially assumed office on 21 August 2026, succeeding Mr Elumelu, who retired after completing the maximum tenure permitted for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.

Welcoming the new chairman, UBA described Mr Nnorom as a seasoned business leader and chartered accountant with more than four decades of experience.

The bank said, “We welcome Mr. Emmanuel N. Nnorom as the new Group Chairman of United Bank for Africa Plc.”

UBA added that Mr Nnorom had spent more than eight years in senior leadership positions within the group, including as Managing Director/Chief Executive Officer of UBA Africa, Group Chief Operating Officer and Group Chief Financial Officer. He also served as a Non-Executive Director on the UBA board.

Elumelu exits after 12 years

Mr Elumelu’s retirement followed the completion of the 12-year tenure limit for non-executive directors of banks under CBN corporate governance rules.

Under his chairmanship, UBA expanded its pan-African operations and now operates in 20 African countries and four global financial centres, serving more than 50 million customers.

Mr Elumelu had earlier expressed confidence in his successor, describing Mr Nnorom as a leader of integrity, experience and sound judgement. He also said he was confident that UBA would continue to thrive under the new leadership.

Nnorom brings extensive corporate experience

Before becoming Group Chairman, Mr Nnorom served in several senior positions within UBA, including Executive Director for Finance and Risk, Executive Director in the Group Executive Office and Group Chief Operating Officer.

He also served as Managing Director/CEO of UBA Africa, where he oversaw operations across several African markets and contributed to the bank’s pan-African expansion.

Outside UBA, Mr Nnorom served as President and Chief Executive Officer of Transnational Corporation Plc between September 2014 and May 2017. He has also been Group Chief Executive Officer of Heirs Holdings since June 2017.

His earlier banking career included senior management roles at Standard Trust Bank, now UBA, Diamond Bank, NUB International Bank and Liberty Merchant Bank.

New chairman faces fresh growth phase

UBA said Mr Nnorom was taking over at an important period in the group’s continued growth across Africa and beyond.

The bank noted that his extensive institutional knowledge and experience within the group would be valuable as it continues to expand its operations.

Mr Nnorom joined the UBA Board as a Non-Executive Director in 2024, after spending years in executive leadership positions within the institution.

The leadership transition marks the beginning of a new chapter for one of Africa’s major banking groups.

With UBA operating across 20 African countries and serving more than 50 million customers, the new chairman will be expected to provide strategic direction while maintaining the bank’s growth, governance and pan-African expansion.

UBA said Mr Nnorom’s understanding of its history and operations would help him lead the board as the group continues its expansion across Africa and international markets.