Nigerian billionaire businessman Tony Elumelu will step down as Chairman of United Bank for Africa (UBA) on August 21, 2026, ending a 12-year tenure that helped transform the bank into one of Africa's leading financial institutions. According to Billionaires.Africa, Elumelu's departure follows the completion of the maximum tenure permitted for non-executive directors under the Central Bank of Nigeria's corporate governance regulations. The bank has appointed Emmanuel Nnorom, currently a non-executive director, as the incoming Group Chairman, effective the same day. The leadership transition

Nigerian billionaire businessman Tony Elumelu will step down as Chairman of United Bank for Africa (UBA) on August 21, 2026, ending a 12-year tenure that helped transform the bank into one of Africa's leading financial institutions. According to Billionaires.Africa, Elumelu's departure follows the completion of the maximum tenure permitted for non-executive directors under the Central Bank of Nigeria's corporate governance regulations. The bank has appointed Emmanuel Nnorom, currently a non-executive director, as the incoming Group Chairman, effective the same day. The leadership transition comes just months before Elumelu is expected to take on another major corporate role. According to the report, he will become Chairman of Seplat Energy on January 1, 2027, following Heirs Energies' acquisition of a 20.07% stake in the oil and gas company in a deal worth approximately $500 million. Elumelu's latest move further strengthens his growing presence in the energy sector while expanding a business empire that already spans banking, power, energy, hospitality, healthcare, technology and philanthropy. Elumelu's journey with UBA began in 1997, when he acquired the struggling Crystal Bank and rebranded it as Standard Trust Bank. In 2005, Standard Trust Bank merged with United Bank for Africa in one of sub-Saharan Africa's largest banking mergers, positioning him at the heart of the newly enlarged financial institution. He served as Group Managing Director and Chief Executive Officer until 2010, when he stepped down following the Central Bank's introduction of a 10-year tenure limit for bank CEOs. He later returned to the bank in 2014 as Chairman. Under his leadership, UBA significantly expanded its continental footprint and now serves more than 50 million customers, with operations in 20 African countries and a presence across four continents. Reflecting on his departure, Elumelu described the transition as a sign of the institution's continued growth. "Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter," he said. He also expressed confidence in his successor, Emmanuel Nnorom, saying his experience and deep understanding of the bank would provide the continuity needed to build on UBA's achievements. UBA's Board praised Elumelu for his "visionary leadership and exceptional contribution" to the institution's growth, crediting him with helping establish the bank as "Africa's Global Bank."

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