United Bank for Africa Plc has confirmed that Group Chairman Tony Elumelu will step down from the board of directors on August 21, 2026.
The Lagos-based lender disclosed the leadership transition during a recent board meeting, simultaneously announcing the appointment of a successor to ensure continuity at the top.
Elumelu, who founded the bank and has served as its public face for decades, is retiring from his executive role after more than two decades of leadership.
His departure signals a significant moment for the institution, which has grown to become one of the continent's most prominent banking groups with operations across multiple African markets.
The announcement follows a period of heightened scrutiny regarding corporate governance and leadership succession in Africa's financial sector.
Investors will be closely monitoring how the new chairman intends to steer the bank's strategy, particularly regarding its expansion plans and digital transformation initiatives.