Tony Elumelu retires as UBA Group Chairman after 12-year tenure

By Johnson Arua

Tony Elumelu has officially retired as Group Chairman of United Bank for Africa (UBA), ending his 12-year tenure at the helm of the pan-African financial institution.

Elumelu’s retirement took effect on August 21, 2026, following the completion of the maximum 12-year tenure permitted for the position.

His departure marks the end of more than a decade of leadership during which he played a prominent role in the growth and expansion of UBA across Africa.

Elumelu, a leading Nigerian businessman and philanthropist, has been closely associated with UBA since his return to the institution following its acquisition by a group of investors in 2005.

Under his leadership, UBA strengthened its presence across several African markets and continued to expand its international operations.

His retirement from the chairmanship comes as the bank transitions to a new phase of leadership, with the institution expected to continue building on the foundations established during his tenure.

Elumelu remains a major figure in Africa’s business and investment landscape through his interests in financial services, energy, hospitality, real estate and philanthropy.

His exit from the UBA chairmanship brings to a close a 12-year tenure that has been closely linked to the bank’s growth and expansion as one of Africa’s leading financial institutions.