On August 21, 2026, Tony Elumelu will step down as Group Chairman of United Bank for Africa (UBA), a role he has held for 12 years. It all comes down to the Central Bank of Nigeria (CBN) capping the tenure of non-executive directors at 12 years and Elumelu reaching that limit.

Tony Elumelu will retire as UBA chairman on 21 August after the CBN’s 12-year tenure limit, with Emmanuel Nnorom named as his successor.

On August 21, 2026, Tony Elumelu will step down as Group Chairman of United Bank for Africa (UBA), a role he has held for 12 years. It all comes down to the Central Bank of…

Tony Elumelu’s final UBA board meeting on August 21 will mark the end of an era that transformed both the bank and African banking, writes Festus Akanbi