Tony Elumelu will retire as Group Chairman of United Bank for Africa (UBA) Plc on August 21, ending a 12-year tenure that transformed the lender into one of Africa's largest banking groups, with operations in 20 African countries and a presence in major global financial centres.
The announcement was made by UBA Group, the parent company of UBA Uganda, on Monday as the bank paid tribute to Elumelu's leadership, describing his tenure as one that built an institution designed to endure beyond any individual.
"Today marks a defining milestone for UBA Group as Mr. Tony O. Elumelu, CFR sets to conclude his tenure as Chairman of UBA Group. We celebrate far more than years of distinguished leadership but an enduring institution deliberately built to thrive beyond any one individual," the bank said.
UBA credited Elumelu with repositioning the institution from a Nigerian bank into what it describes as "Africa's Global Bank," expanding its footprint across the continent while connecting African businesses to international markets.
"For decades, his leadership has shaped UBA into one of Africa's most respected financial institutions; expanding our footprint across the continent and beyond, connecting African businesses to global opportunities, and proving that an African institution can compete confidently on the world stage. From a Nigerian bank to Africa's Global Bank, UBA today serves millions across Africa and beyond, connecting people, businesses and economies through innovation, resilience and purpose," the statement said.
The bank also expressed gratitude for Elumelu's contribution to its growth and long-term vision.
"We express our deepest appreciation to Mr. Tony Elumelu for his extraordinary leadership, unwavering belief in Africa, and lasting contribution to UBA's remarkable journey."
UBA said the leadership transition would not affect its long-term ambitions, reaffirming its commitment to supporting trade, investment and sustainable economic growth across Africa.
"As we turn the page, we do so with confidence. The next chapter of UBA will continue to be guided by the same ambition that has shaped our story from the beginning: building Africa's leading financial institution, enabling trade and investment, empowering businesses and communities, and creating sustainable value across the continent and beyond."
The bank added:
"The institution endures. The vision continues. And the future has never looked brighter."
Elumelu's retirement follows the completion of the maximum 12-year tenure for non-executive directors under the Central Bank of Nigeria's corporate governance regulations.
The board has elected Emmanuel Nnorom, a non-executive director and chartered accountant, to succeed Elumelu as Group Chairman, with the transition taking effect on August 21.
Elumelu's association with UBA spans more than two decades. In 2005, he led the merger of Standard Trust Bank and UBA, creating one of the largest banking consolidations in sub-Saharan Africa. Under his chairmanship, the bank expanded from Nigeria into 20 African countries and established international offices in London, New York, Paris and Dubai.
During his tenure, UBA also grew its customer base to more than 50 million people, cementing its status as one of Africa's largest banking institutions.
Away from banking, Elumelu is expected to devote more time to the energy sector and his broader business interests, while continuing his work in entrepreneurship and philanthropy across Africa.
