United Bank for Africa, the Nigerian banking group previously led by billionaire Tony Elumelu, has welcomed Emmanuel N. Nnorom as Group Chairman, succeeding Nigerian billionaire Tony Elumelu as the veteran banker completes the 12-year tenure limit for non-executive bank directors prescribed by the Central Bank of Nigeria.

Emmanuel Nnorom assumed the chairmanship on August 21, 2026, after the UBA board accepted Elumelu’s retirement and elected him as successor at a July 6 board meeting. The leadership transition comes as UBA operates across 20 African countries and four international financial centres, with total assets of N33.17 trillion ($24.57 billion) at the end of 2025.

Nnorom returns to UBA with four decades of experience

Emmanuel Nnorom brings more than four decades of experience across banking, financial services, audit, operations and corporate governance to his new role as UBA Group chairman. His association with UBA dates back to 2005, following the merger of Standard Trust Bank (STB) with United Bank for Africa (UBA).

The transition marked a major milestone in the bank’s evolution and began Emmanuel Nnorom’s long association with the enlarged UBA Group. Over the years, he has held several senior executive positions within UBA, including Group Chief Operating Officer, Group Chief Financial Officer and Executive Director overseeing finance, risk and the Group Executive Office.

He later served as Managing Director and CEO of UBA Africa, overseeing subsidiaries across 18 African countries and helping execute the group’s regional expansion strategy. He most recently served as a non-executive director on UBA’s board.

Emmanuel Nnorom previously served as CEO of Heirs Holdings, the investment company founded by Tony Elumelu with interests spanning financial services, power, healthcare, hospitality, real estate, energy and technology. He also served as President and CEO of Transnational Corporation of Nigeria, overseeing businesses including Transcorp Power, Transcorp Hilton and Transcorp Hotels Calabar.

A chartered accountant and Fellow of the Institute of Chartered Accountants of Nigeria, Nnorom is also an honorary member of the Chartered Institute of Bankers of Nigeria and an alumnus of Templeton College, Oxford.

Elumelu leaves after transforming UBA into pan-African lender

Elumelu’s retirement marks the end of a defining period in UBA’s modern history. His banking career took a major turn in 1997 when he led a group of investors to acquire the distressed Crystal Bank, which was subsequently renamed Standard Trust Bank. Under his leadership, the bank was turned around and became a major player in Nigeria’s financial services sector.

In 2005, Elumelu led the merger between Standard Trust Bank and United Bank for Africa in what UBA describes as one of the largest mergers in sub-Saharan Africa’s banking sector. The combined institution subsequently expanded beyond Nigeria into a pan-African banking group.

During his leadership, UBA expanded its operations to 20 African countries and international markets including the United Kingdom, United States, France and the United Arab Emirates. The bank now serves more than 50 million customers globally and employs approximately 25,000 people across its operations.

Elumelu said his departure was a privilege after helping establish UBA’s competitive position across Africa and global markets, expressing confidence that Nnorom would continue to lead the group’s growth. Nnorom, in turn, said he was conscious of the legacy he inherits and would work with the board, management and employees across UBA’s markets to sustain the bank’s momentum and create long-term value.

UBA enters new leadership phase

The transition comes as UBA continues to build on a balance sheet that has expanded significantly under Elumelu’s leadership.

The group reported total assets of N33.17 trillion at December 31, 2025, up from N30.32 trillion a year earlier, while shareholders’ funds increased to N4.25 trillion. Customer deposits also reached N27.2 trillion as the bank continued expanding its customer base and digital banking operations.

With Emmanuel Nnorom taking over as chairman, the immediate focus will be on maintaining UBA’s pan-African expansion while strengthening its position across its African and international markets.

His extensive institutional knowledge of UBA, combined with experience leading major African businesses, gives the new chairman a direct understanding of the group’s operations as the bank enters its next phase of growth.