UBA's New Chapter Begins: Emmanuel Nnorom Takes the Helm

After more than a decade of transformative leadership, Tony Elumelu is stepping down as Group Chairman of United Bank for Africa, marking the end of one of the most influential eras in the bank's history.

On July 6, 2026, UBA announced that Elumelu would retire after 12 years as Chairman, handing over the leadership of the board to seasoned banker and corporate strategist Emmanuel Nnorom.

Who is Emmanuel Nnorom?

Emmanuel Nnorom is a respected Nigerian banker and corporate executive with decades of experience in:

• Banking and financial services
• Corporate governance
• Risk management
• Insurance and investment management
• Board leadership across major Nigerian companies

He is widely regarded as a calm, disciplined administrator with deep expertise in steering large institutions through changing economic conditions.

Tony Elumelu's Legacy at UBA

Tony Elumelu leaves behind a remarkable record:

• Expanded UBA's footprint to 20 African countries and major international financial centres including the UK, France, UAE and the United States.
• Strengthened UBA's reputation as one of Africa's leading financial institutions.
• Oversaw significant growth in profitability, customer deposits and digital banking.
• Championed financial inclusion across Africa.
• Promoted the bank as a key financier of African businesses and infrastructure.
• Positioned UBA as one of the continent's most recognizable banking brands.

Beyond banking tony elumelu is globally known for promoting Africapitalism—the idea that Africa's private sector should drive the continent's economic transformation. Through the Tony Elumelu Foundation, he has supported thousands of entrepreneurs across Africa.

What Emmanuel Nnorom Inherits

The incoming chairman takes over a bank that is:

• One of Africa's largest financial institutions.
• Serving millions of customers across multiple continents.
• Investing heavily in digital banking and fintech.
• Expanding corporate and retail banking services.
• Playing an increasingly important role in financing African trade under the African Continental Free Trade Area (AfCFTA).

His challenge will be maintaining UBA's growth momentum while navigating evolving regulations, technological disruption, cybersecurity risks, and changing customer expectations.

Why This Transition Matters

Leadership transitions at institutions like UBA are significant because they influence investor confidence, corporate governance, and long-term strategy. With Emmanuel Nnorom assuming the chairmanship, attention will focus on how the bank balances continuity with innovation as it enters its next phase of growth.