Tony Elumelu, the billionaire businessman and philanthropist, is stepping down as Chairman of United Bank for Africa (UBA) after a 12-year tenure.His retirement date is set for August 21, 2026, following the Central Bank of Nigeria's (CBN) 12-year tenure limit for non-executive directors.Emmanuel Nnorom, a long-serving Non-Executive Director, will succeed Elumelu as Group Chairman on the same date.

UBA credited Elumelu with expanding the bank to 20 African countries and four global financial centres, solidifying its position as a leading African financial institution.

Despite retiring from his role as UBA Chairman, Elumelu will continue to lead Heirs Holdings, Transcorp Plc, and the Tony Elumelu Foundation, which has funded thousands of African entrepreneurs.The announcement was made after UBA's Board of Directors meeting on July 6, 2026, aligning with CBN corporate governance guidelines.Elumelu's leadership is described as transformative, with the board praising his visionary approach and strategic contributions.His exit marks the end of an era at UBA but not the end of his influence in African business and finance.