Business guru and philanthropist, Tony O. Elumelu has announced that he will step down as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, after 12 years in the role, bringing to a close a remarkable era for the pan-African financial institution.

Announcing his decision, Elumelu said true leadership is about building strong institutions that can continue to grow long after individual leaders have left.

Reflecting on his journey, he said he has always seen Africa as one continent full of opportunities, rather than as separate markets divided by borders. According to him, Africa’s greatest need is not talented people, but strong institutions that can drive lasting development.

During his tenure, UBA expanded significantly, growing into one of Africa’s leading financial institutions. Today, the bank serves more than 50 million customers, operates in 20 African countries and has a presence on four continents, earning the reputation as “Africa’s Global Bank.”

Elumelu said the goal was to build a world-class African bank that connects businesses, supports governments, empowers entrepreneurs, rewards shareholders and contributes to the continent’s economic growth. He noted that the bank’s success was made possible by the dedication of its board, management, staff, customers, shareholders, regulators and business partners.

As part of the leadership transition, Elumelu announced Emmanuel N. Nnorom as the new Chairman of UBA Group.

He expressed confidence in Nnorom’s ability to lead the bank, describing him as an experienced leader with a deep understanding of the institution. He also called on shareholders, customers, partners and members of the UBA family to give the incoming chairman their full support.

As he prepares to leave office, Elumelu said he does so with gratitude, pride and optimism, confident that UBA will continue to grow and strengthen its position as one of Africa’s leading financial institutions.