Nigerian economist, entrepreneur, investor, banker and philanthropist, Tony O. 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 an end a remarkable 12-year tenure marked by the transformation of the bank into one of Africa’s leading financial institutions.
In a heartfelt farewell message titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on his long-standing vision of building institutions that outlive individuals and drive Africa’s economic transformation.
According to him, Africa’s greatest challenge is not the lack of talented people but the shortage of strong institutions capable of sustaining growth across generations.
Elumelu said his ambition was to build a truly African financial institution that would connect the continent to the rest of the world while creating opportunities for businesses, entrepreneurs, governments, and millions of customers.
Under his leadership, UBA expanded significantly, growing to serve more than 50 million customers across 20 African countries and maintaining operations on four continents, reinforcing its position as Africa’s Global Bank.
Expressing confidence in the future of the institution, Elumelu announced Mr. Emmanuel N. Nnorom as his successor, describing him as an experienced leader with the vision and capability to build on UBA’s strong foundation. He called on shareholders, customers, partners, and employees to give the incoming chairman their full support.
Reflecting on his broader mission, Elumelu reaffirmed his commitment to Africapitalism—his belief that Africa’s private sector can drive the continent’s development through long-term investments, entrepreneurship, and value creation.
He noted that beyond UBA, his work through Heirs Holdings and the Tony Elumelu Foundation will continue to focus on empowering entrepreneurs, investing in strategic sectors, and supporting Africa’s economic growth.
“As I close this chapter at UBA, I do so not with nostalgia, but with excitement for the future of UBA, the future of African enterprise, and the limitless opportunities that lie ahead for our continent,” Elumelu stated.
His departure marks the end of an era for UBA, while opening a new chapter for the bank as it continues its journey of growth under new leadership.
