Business leader and philanthropist Tony Elumelu has announced that he will step down as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, bringing to a close a 12-year tenure as chairman and decades of service to one of Africa’s leading financial institutions.
In a farewell message titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on his leadership journey, stressing that Africa’s greatest challenge is not a shortage of talented people but a lack of enduring institutions capable of outliving individuals.
According to him, the vision behind his leadership was to build a resilient financial institution that would connect Africa to itself and the rest of the world while driving economic growth, empowering entrepreneurs, supporting governments, rewarding shareholders and transforming lives across the continent.
“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 waiting to be transformed,” he stated.
Elumelu said his goal was to establish a world-class African bank that would remain proudly rooted in the continent while competing successfully on the global stage.
Reflecting on the bank’s achievements, he noted that UBA has grown into a truly pan-African institution, serving more than 50 million customers, operating in 20 African countries as well as across four continents, while playing a critical role in promoting trade, investment and financial inclusion.
He attributed the bank’s success to the collective efforts of its employees, management, board members, customers, regulators, shareholders and strategic partners who shared in the institution’s vision and growth.
Describing the transition as the beginning of a new chapter, Elumelu said effective leadership is about preparing institutions for continuity rather than holding onto positions indefinitely.
“As leaders, our responsibility is to build institutions that endure beyond us,” he said, expressing confidence that UBA is well-positioned for continued growth.
Elumelu also announced the appointment of Mr. Emmanuel N. Nnorom as the incoming Chairman of the Group Board, describing him as a seasoned leader with deep institutional knowledge and the experience required to sustain the bank’s strategic direction.
He called on shareholders, customers, partners and the entire UBA family to extend the same trust and support to Nnorom that they had shown him throughout his tenure.
With the leadership transition, Elumelu said he remains optimistic about UBA’s future, expressing confidence that the bank will continue to strengthen its position as Africa’s global bank and advance its mission of driving sustainable economic development across the continent.
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