Nigerian businessman and philanthropist Tony Elumelu is set to step down as Chairman of United Bank for Africa (UBA) Plc after 12 years, marking the end of a significant chapter in his banking career.
Elumelu will leave the position in August 2026 after reaching the tenure limit for non-executive directors. He will be succeeded by Emmanuel Nnorom, who will assume the role of Group Chairman from the same date.
The transition comes as Elumelu prepares for a new role in Nigeria’s energy sector. He is expected to become Chairman of Seplat Energy in January 2027 following Heirs Energies’ acquisition of a major stake in the company.
Under Elumelu’s leadership, UBA expanded its operations across Africa, strengthening its presence as one of the continent’s leading financial institutions.
Beyond banking, Elumelu has built a diverse business portfolio spanning energy, hospitality, technology and philanthropy through his companies and the Tony Elumelu Foundation.
His upcoming role at Seplat Energy is expected to deepen his involvement in Africa’s oil and gas industry as he continues to expand his influence across key sectors of the economy.
