After more than a decade at the helm of the United Bank for Africa (UBA) Group, renowned businessman and investor Tony Elumelu has announced he will step down as Chairman of the bank’s Group Board on August 21, 2026, marking the end of a transformative era for one of Africa’s largest financial institutions.
In a farewell message titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on his long-standing vision of building an institution capable of outliving its leaders and driving Africa’s economic transformation.
According to him, Africa’s greatest challenge is not a lack of talented people but the absence of enduring institutions capable of sustaining growth across generations.
“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny,” he said, stressing that the continent deserves institutions that can compete globally while remaining firmly rooted in Africa.
Elumelu described his departure as the beginning of a new chapter rather than an end, noting that true leadership lies in knowing when an institution is prepared for fresh stewardship.
Reflecting on his 12-year tenure as Chairman and decades-long association with UBA, he said the mission was to transform the bank into a world-class African financial institution that would connect the continent to global markets, empower entrepreneurs, support governments, reward shareholders and improve lives.
That ambition, he said, has now become reality.
Under his leadership, UBA expanded its footprint across Africa and beyond, growing into a financial powerhouse that now serves more than 50 million customers in 20 African countries and operates on four continents.
“We took a Nigerian bank and made it an African one—Africa’s global bank,” Elumelu stated, describing the achievement as the collective effort of dedicated employees, management, directors, customers, regulators, shareholders and partners who shared the institution’s vision.
As part of the leadership transition, Elumelu announced that Emmanuel N. Nnorom will succeed him as Chairman of the UBA Group Board.
He expressed confidence in Nnorom’s ability to provide continuity and strategic leadership, citing his extensive experience and deep understanding of the institution.
Elumelu urged shareholders, customers, business partners and the entire UBA family to extend the same trust and support to the incoming chairman as they had shown him throughout his tenure.
His exit closes a significant chapter in UBA’s history, with the banking group now preparing for a new phase under fresh leadership while building on the pan-African legacy established over the past decade.
