Nigerian billionaire and businessman Tony Elumelu will officially step down as Group Chairman of the United Bank for Africa Plc, UBA, on August 21, 2026, after reaching the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria’s corporate governance code. The UBA Board of Directors has confirmed long-serving non-executive director Emmanuel N. Nnorom as his successor, with the appointment also taking effect on the same day.

Elumelu’s exit marks the end of a significant chapter at UBA. He previously served as Group Managing Director and Chief Executive of the bank and was instrumental in the merger between Standard Trust Bank and UBA. He later returned to the board as Group Chairman and has been widely credited for leading the bank’s expansion into 20 African countries, as well as into the United Kingdom, the United States, France and the United Arab Emirates. During his tenure, UBA grew into one of Africa’s most geographically diversified financial institutions.

Nnorom, described as a veteran banker, has served on the UBA board for several years. The board said his appointment is part of the bank’s structured succession planning and commitment to continuity in leadership. The transition comes amid other board changes at UBA, with the bank earlier announcing retirements and new executive appointments effective January 1, 2026, all subject to CBN approval.

Beyond UBA, Elumelu remains Chairman of Heirs Holdings and founder of The Tony Elumelu Foundation. He has also been elected to serve as Chairman of Seplat Energy effective January 1, 2027, following the planned retirement of Senator Udoma Udo Udoma on December 31, 2026.