United Bank for Africa has announced the appointment of Emmanuel Nnorom as its new Group Chairman, succeeding Tony Elumelu, who officially retired from the position on August 21, 2026.
Elumelu’s retirement followed the completion of the maximum 12-year tenure prescribed for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines . The transition, approved by the Board at its meeting on July 6, 2026, was described by the bank as the beginning of a new leadership phase for the pan-African lender .
Reflecting on his tenure, Elumelu said: “Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership” .
Nnorom, a chartered accountant with over four decades of experience in banking, finance and audit, brings extensive institutional knowledge to the role . His connection with UBA spans more than eight years in executive leadership, where he served as Managing Director/CEO of UBA Africa, Group Chief Operating Officer, Group Chief Financial Officer, and Executive Director for Finance and Risk . He joined the UBA Board as a Non-Executive Director in 2024 .
Outside UBA, Nnorom currently serves as Group Chief Executive Officer of Heirs Holdings, a position he has held since June 2017 . He was previously President and Chief Executive Officer of Transnational Corporation Plc (Transcorp) between September 2014 and May 2017 . His earlier career includes senior management positions at Standard Trust Bank, Diamond Bank, NUB International Bank and Liberty Merchant Bank .
He is a Fellow of the Institute of Chartered Accountants of Nigeria and an Honorary Member of the Chartered Institute of Bankers of Nigeria . He also completed executive leadership programmes at Templeton College, Oxford .
Elumelu, who has chaired UBA since 2014, will continue to lead Heirs Holdings and Transcorp Plc, as well as the Tony Elumelu Foundation . Under his leadership, UBA expanded from a Nigerian bank into a pan-African institution operating in 20 African countries and four global financial centres, serving over 50 million customers .
