Elumelu Exits UBA Chairmanship, Reflects On Building Africa’s Global Banking Institution

Tony Elumelu 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 during which he led the transformation of the lender into one of Africa’s largest financial institutions with operations spanning 20 African countries and four continents.

Announcing his decision in a farewell message, Elumelu said his departure marks the beginning of a new chapter for the bank, stressing that the enduring strength of institutions lies in their ability to outlive individual leaders.

“Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter,” he said.

Reflecting on the vision that shaped his leadership, Elumelu said he was driven by the belief that Africa’s greatest need was not a shortage of talented people but a shortage of enduring institutions capable of driving long-term development.

“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, waiting to be believed in,” he explained.

According to him, the goal was to build a financial institution that would connect Africa to itself and the rest of the world while creating opportunities for businesses, entrepreneurs, governments and investors.

“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,” he declared.

He added: “We took a Nigerian bank and we made it an African one, Africa’s global bank. This has been my vision for UBA – the United Bank for Africa.”

Elumelu said that vision has now become a reality, noting that the banking group serves more than 50 million customers and has established a presence across Africa and other international markets, supporting trade and investment while demonstrating that an African institution can compete successfully on the global stage.

“Today, that vision is reality. UBA Group serves over 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 being deeply committed to our continent’s development,” he disclosed.

He attributed the bank’s growth to the collective efforts of its employees, management, board, shareholders, customers, regulators and business partners.

“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,” he affirmed.

As part of the leadership transition, Elumelu announced that Emmanuel N. Nnorom will succeed him as Chairman of the Group Board, expressing confidence in his ability to provide continuity and sustain the bank’s growth trajectory.

“I have every confidence in his ability to lead the Bank. His experience, leadership, and deep understanding of our institution will provide the continuity and strategic direction needed to build on the strong foundation we have established,” Elumelu said.

He also appealed to shareholders, customers, regulators, partners and the wider UBA family to extend their support to the incoming chairman, saying the institution’s future remains bright because it has been built on values that transcend any individual.