‎Elumelu Bows Out as UBA  Chairman After 12 Years, Named Emmanuel Nnorom as Successor

Renowned businessman and investor Tony Elumelu has announced he will step down as Chairman of United Bank for Africa on August 21, 2026, bringing to a close a 12-year tenure at the helm of the pan-African financial institution.
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‎Elumelu made the announcement in a farewell message shared on his LinkedIn page on Monday, reflecting on his decades-long association with the bank and describing his exit as the beginning of a new chapter rather than an end.
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‎He disclosed that Emmanuel N. Nnorom will succeed him as Chairman of the Group Board, expressing confidence in his ability to provide continuity and strategic leadership for the institution.
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‎According to Elumelu, his vision was to build a world-class African financial institution capable of connecting the continent to global markets while driving economic growth and creating opportunities for millions of Africans.
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‎He noted that under his leadership, UBA expanded its footprint across 20 African countries and four continents, growing its customer base to more than 50 million and positioning itself as “Africa’s Global Bank.”
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‎The outgoing chairman credited the bank’s achievements to the dedication of its employees, management, board members, customers, shareholders, regulators and strategic partners who supported its growth over the years.
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‎Elumelu said his commitment to Africa’s development would continue through his investments under Heirs Holdings and the work of the Tony Elumelu Foundation, which supports entrepreneurs across all 54 African countries.
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‎Reaffirming his philosophy of “Africapitalism,” he stressed that Africa’s transformation would be driven by long-term private sector investment, entrepreneurship and value creation rather than dependence on aid.
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‎”As I close this chapter at UBA, I do so not with nostalgia, but with excitement for the future of UBA, for the future of African enterprise, and for the limitless opportunities that lie ahead for our continent,” he said.
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‎Elumelu called on shareholders, customers, partners and members of the UBA family to give Nnorom the same trust and support they extended to him throughout his tenure.
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