Nigerian tycoon Tony Elumelu is set to leave the chairmanship of United Bank for Africa Plc after 12 years, closing a major banking chapter as a new oil and gas boardroom role comes into view.
UBA said the exit, scheduled for August 21, 2026, follows the completion of the maximum tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance rules.
Consequently, the bank named Emmanuel Nnorom, a current non-executive director, as incoming group chairman, with his appointment taking effect on the same day Elumelu leaves the board.
The transition comes months before another major boardroom move that will push Elumelu further into oil and gas, after Seplat Energy announced that he will become its chairman from January 1, 2027, following Heirs Energies’ acquisition of a 20.07 percent stake in the company in a deal valued at about $500 million.
That move also marks another step in his evolution from banking executive to one of Africa’s most visible private-sector investors, with interests across finance, power, energy, hospitality, healthcare, technology and philanthropy.
