After 12 years, Tony Elumelu bids farewell to the chairmanship of UBA in Nigeria

Nigeria - Abubakar Sani:

United Bank for Africa (UBA) Group announced the retirement of its Group Chairman, Nigerian businessman Tony Elumelu, effective August 21, 2026. This comes after 12 years at the helm of the Board of Directors, in compliance with corporate governance directives from the Central Bank of Nigeria regarding maximum tenure limits.

The bank confirmed, in a statement following the board meeting held on Monday, the appointment of Emmanuel Noroem, a non-executive board member, as the new chairman of the group's board, effective immediately upon the implementation of Illomelo's retirement decision.

The Board of Directors praised the role played by Elumelu in leading the bank over the past years, emphasizing that his tenure represented a pivotal stage in UBA's journey and contributed to consolidating its position as one of the largest and most important banking institutions in Africa.

The bank explained that the group witnessed significant expansion during Elumelu's chairmanship, with its operations extending to 20 African countries, in addition to establishing a presence in four global financial centers. The number of its customers exceeded 50 million, indicating the continued growth of the bank's business.

Emmanuel Norum new group president

The Board of Directors said in its statement, «We express our sincere appreciation to Tony Elumelu for his strategic leadership and long-term vision, and his exceptional contributions to strengthening the group's power and solidifying its corporate position.».

In a farewell message titled «Celebrating an African Institution.. My Goodbye to UBA,» Elumelu reviewed his long journey with the bank, emphasizing that his goal was always to build a strong African institution capable of connecting the continent to global markets and establishing an institutional legacy that would endure beyond individuals.

He said, «Africa does not suffer from a lack of creative men and women, but it suffers from a lack of institutions that can continue after these creative individuals leave,» indicating that his departure represents the beginning of a new phase in the bank's history, which he described as having become stronger and more ready to continue growing.

Illomelo also expressed his confidence in his successor, Emmanuel Nurum, praising his extensive experience and deep understanding of the nature of the institution's work, and called on shareholders, customers, regulators, and employees to provide him with full support, ensuring the continuation of the success story.

This leadership transition comes as part of the Nigerian banking sector's commitment to implementing the governance rules approved by the Central Bank, which set a maximum term of 12 years for non-executive board members, a step aimed at enhancing board independence and consolidating the principles of good governance within financial institutions.