United Bank for Africa (UBA) has announced the retirement of its long-serving Group chairman Tony Elumelu effective August 21.
The Nigerian economist, entrepreneur, investor, banker and philanthropist will retire from the board having completed the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria.
The UBA board has appointed Emmanuel Nnorom, a non-executive director of the bank, as his successor, effective the same date.
The transition marks the close of one of the most transformative chapters in UBA's history.
During Elumelu's tenure, UBA evolved from a Nigerian bank into Africa's Global Bank, with operations across 20 African countries and four international financial centres–USA, UK, France and UAE, serving more than 50 million customers worldwide.
Under his leadership, the group strengthened its position as a leading facilitator of trade, investment and financial inclusion across the continent.
His leadership has had a significant impact in Kenya and the wider East African region.
UBA has expanded its role in supporting regional trade, correspondent banking, cross-border payments and trade finance, while championing initiatives that connect African businesses to opportunities across the continent.
Through the Pan-African Payment and Settlement System (PAPSS), the Africa Trade Gateway and the Bank's extensive pan-African network, UBA continues to simplify intra-African trade and unlock new opportunities for businesses.
Beyond banking, Elumelu's philosophy of Africapitalism has inspired entrepreneurs and policymakers across Africa.
Through the Tony Elumelu Foundation, thousands of young entrepreneurs, including many in Kenya, have received training, mentorship and seed capital to build sustainable businesses and create jobs.
Reflecting on his retirement, 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.”
He termed Emmanuel Nnorom as a leader of integrity, experience and sound judgement, expressing confidence that the bank will continue to thrive under his leadership.
Nnorom is a chartered accountant with more than four decades of experience in banking, finance and audit.
UBA Kenya chairman of George Otieno said: " We are confident that under his stewardship, UBA will continue to build on its strong pan-African foundation and deepen its contribution to Africa's economic transformation.”
He said UBA Kenya remains focused on connecting Kenyan businesses to opportunities across Africa through innovative banking solutions, trade finance, seamless cross-border payments and strategic partnerships that enable sustainable growth.
