United Bank for Africa (UBA) has announced that its Group Chairman, Tony Elumelu, will conclude his 12-year tenure on 21 August 2026, with Emmanuel N. Nnorom appointed as his successor.

The announcement was made in a statement issued by the bank on Monday, in which UBA paid tribute to Elumelu’s leadership, describing his tenure as transformative in positioning the institution among Africa’s leading financial services groups, with operations spanning the continent and beyond.

The bank credited Elumelu with spearheading UBA’s evolution from a Nigerian financial institution into what it described as “Africa’s Global Bank”, connecting African businesses to international opportunities through innovation, resilience, and purpose.

The statement read in part, “For decades, his leadership has shaped UBA into one of Africa’s most respected financial institutions, expanding our footprint across the continent and beyond, connecting African businesses to global opportunities, and proving that an African institution can compete confidently on the world stage. From a Nigerian bank to Africa’s Global Bank, UBA today serves millions across Africa and beyond, connecting people, businesses, and economies through innovation, resilience, and purpose.

“We express our deepest appreciation to Tony Elumelu for his extraordinary leadership, unwavering belief in Africa, and lasting contribution to UBA’s remarkable journey.

“As we turn the page, we do so with confidence. The next chapter of UBA will continue to be guided by the same ambition that has shaped our story from the beginning: building Africa’s leading financial institution, enabling trade and investment, empowering businesses and communities, and creating sustainable value across the continent and beyond.

“The institution endures. The vision continues. And the future has never looked brighter,” it added.

In a post on social media, Elumelu described the transition as one marked by gratitude, pride, and optimism, saying it reflected both the fulfilment of a long-held vision and the promise of even greater opportunities ahead.

According to him, leadership is not about holding on to office, but about recognising when an institution is ready to begin its next chapter.

“I conclude my tenure as Chairman of the Group Board of United Bank for Africa (UBA) on 21 August 2026, after twelve years and decades of association with this extraordinary institution, with profound gratitude, immense pride, and, most importantly, great optimism for the future,’ he said.

“My objective was to build an institution that would outlive individuals, one capable of connecting Africa to itself and the world, creating opportunities for businesses, empowering entrepreneurs, supporting governments, rewarding shareholders, and transforming lives. Together, we pursued the belief that Africa deserved a world-class financial institution that remained proudly African at its core,” he added.

He also stated: “We set out to achieve something that had never been done. We took a Nigerian bank and transformed it into an African one — Africa’s Global Bank. This has always been my vision for UBA, the United Bank for Africa.

“Today, that vision is a reality. UBA Group serves more than 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally while remaining deeply committed to the continent’s development.

“This success belongs to generations of dedicated colleagues, exceptional management, visionary directors, loyal customers, supportive regulators, committed shareholders, and partners who believed in our shared purpose.”

Welcoming Nnorom’s appointment, Elumelu expressed confidence in his successor’s ability to lead the bank through its next phase of growth.

He said Nnorom’s experience, leadership, and deep understanding of the institution would provide the continuity and strategic direction needed to build on the strong foundation already established.

Elumelu also urged UBA’s shareholders, customers, and partners to extend to Nnorom the same trust and support they had accorded him throughout his tenure.

Nnorom, a seasoned business executive, currently serves as Group Chief Executive Officer of Heirs Holdings and Chairman of Transcorp Hotels Plc. He is also the former President and Chief Executive Officer of Transnational Corporation of Nigeria Plc (Transcorp Plc).