Tony Elumelu to Step Down as UBA Chairman on August 21 After 15 Years
Tony Elumelu will step down as Chairman of United Bank for Africa (UBA) on August 21, 2026, bringing to an end a 15-year tenure during which he helped strengthen the bank’s position as one of Africa’s leading financial institutions.
Elumelu, who previously served as UBA’s Group Managing Director and Chief Executive Officer before becoming Chairman, is expected to leave the board in line with corporate governance regulations governing directors’ tenure in the banking sector.
During his time as chairman, UBA expanded its operations across more than 20 African countries while growing its international presence in the United Kingdom, France, the United States and the United Arab Emirates. The bank also recorded significant progress in digital banking, customer growth and overall financial performance.
Although he will leave the UBA board, Elumelu is expected to remain actively involved in his other business interests, including Heirs Holdings, Transcorp, Heirs Energies and the Tony Elumelu Foundation, where he continues to champion entrepreneurship and economic development across Africa.
His departure marks the end of a significant chapter in UBA’s history, with stakeholders expected to closely watch the bank’s leadership transition and its next phase of growth.
