UBA announces Nnorom as new Chairman, marks end of Elumelu era

Folami Olamide

United Bank for Africa (UBA) has announced the appointment of Emmanuel N. Nnorom as the new Chairman of its Board of Directors, effective August 21, 2026, succeeding Mr. Tony O. Elumelu, who is stepping down after completing the maximum 12-year tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.

The appointment signals a significant leadership transition at one of Africa’s leading financial institutions as the bank continues to strengthen its position across the continent and deepen its presence in key international markets.

Nnorom, an accomplished banker and corporate executive, will officially assume office on August 21, bringing decades of experience in banking, finance and business management to the role.

His appointment follows Elumelu’s successful stewardship of the bank, during which UBA expanded its operations and consolidated its status as one of Africa’s foremost pan-African financial institutions.

Before joining the UBA Board as a Non-Executive Director in 2024, Nnorom spent more than eight years in executive management within the bank, holding several strategic positions.

These included Group Chief Operating Officer, Executive Director in the Group Executive Office, Executive Director (Finance), Executive Director (Risk), and Managing Director/Chief Executive Officer of UBA Africa.

During his tenure as Managing Director and Chief Executive Officer of UBA Africa in 2013, Nnorom was instrumental in overseeing the bank’s operations across multiple African countries. He played a pivotal role in driving the institution’s pan-African expansion strategy, strengthening its footprint in major markets and enhancing operational efficiency across the continent.

Beyond his banking career, Nnorom has established himself as one of Nigeria’s leading corporate executives through his leadership of some of the country’s biggest business organisations.

Since June 2017, he has served as the Group Chief Executive Officer of Heirs Holdings, where he oversees a diversified investment portfolio spanning financial services, power, healthcare, hospitality, real estate, energy and technology.

Prior to joining Heirs Holdings, he served as President and Chief Executive Officer of Transnational Corporation Plc (Transcorp) from September 2014 to May 2017, leading the conglomerate’s investments in power, hospitality, agriculture and energy while driving strategic growth across its business portfolio.

Industry analysts believe Nnorom’s extensive experience in banking, corporate governance and investment management will provide strong leadership for UBA as it pursues its long-term growth strategy, digital transformation agenda and expansion across African and global markets.

Elumelu’s departure brings to a close a remarkable 12-year tenure as Chairman, during which UBA strengthened its position as one of Africa’s largest financial institutions with operations in more than 20 African countries and an international presence in the United Kingdom, the United States, France and the United Arab Emirates.

The leadership transition is expected to ensure continuity in the bank’s strategic direction while ushering in a new chapter under Nnorom’s chairmanship.

Stakeholders will be watching closely as he assumes responsibility for steering the board and supporting the bank’s continued growth and innovation in an increasingly competitive global banking landscape.