Tony Elumelu to retire as UBA group chairman in 2026, Emmanuel Nnorom named successor
via Punch Nigeria1 min read
United Bank for Africa Plc announced that its group chairman, Tony Elumelu, will retire from the board of directors on August 21, 2026. This decision aligns with the Central Bank of Nigeria's maximum 12-year tenure for non-executive directors. Emmanuel Nnorom, a current non-executive director, has been named the incoming group chairman, with his appointment effective on the same day Elumelu retires. The bank acknowledged Elumelu's leadership, noting his role in deepening UBA's pan-African expansion, which now includes operations in 20 African countries and four global financial centers, serving over 50 million customers.
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This summary was AI-generated from a story originally published by Punch Nigeria.
Must ReadEmmanuel Nnorom, a Non-Executive Director on the board of United Bank for Africa Plc, has been appointed as the bank's next Group Chairman. He will succeed Tony Elumelu, who will retire on August 21, 2026, after completing the maximum tenure for non-executive directors under the Central Bank of Nigeria's corporate governance guidelines. Nnorom brings over four decades of corporate leadership experience in banking, finance, audit, operations, and corporate governance. His career includes more than eight years in executive management at UBA, where he served as Group Chief Operating Officer, Executive Director Group Executive Office, Executive Director Finance, Executive Director Risk, and Managing Director/Chief Executive Officer of UBA Africa. He also led UBA's African operations, overseeing the bank's presence across several African countries. Currently, Nnorom serves as Group Chief Executive Officer of Heirs Holdings, a role he has held since June 2017, overseeing its portfolio in financial services, power, healthcare, hospitality, real estate, energy, and technology. Previously, he was President and Chief Executive Officer of Transnational Corporation Plc Transcorp and President and Chief Operating Officer of Heirs Holdings. Nnorom is a Fellow of the Institute of Chartered Accountants of Nigeria and an Honorary Member of the Chartered Institute of Bankers of Nigeria. Born on April 7, 1958, he attended Templeton College, Oxford, for executive leadership and management progra
The Nigeria Customs Service NCS announced it surpassed its 2025 revenue target by 10.24 percent, generating N7.28tn against a target of N6.58tn. Comptroller-General of Customs, Adewale Adeniyi, presented this information during the agency's 2025 budget performance review and 2026 budget proposal before the House of Representatives Committee on Customs and Excise. The achievement occurred despite significant revenue losses, estimated at N34.54tn, due to government-approved tax waivers, fiscal incentives, and import duty exemption certificates, which covered imports including petroleum products and military items. These waivers were implemented to stimulate economic growth, support critical sectors, and cushion inflation. Adeniyi attributed the revenue success to reforms in administration, technology deployment, and trade facilitation, including the Unified Customs Information System B'Odogwu. For 2026, the NCS aims for a revenue target of N11.07tn, planning to achieve this through enhanced automation, post-clearance audits, intelligence-led enforcement, and trade facilitation. The Service also noted that recent tariff reductions on imported vehicles, from 15 percent to 5 percent for used vehicles and 20 percent to 10 percent for new vehicles, might moderate revenue growth, with the full impact expected to be seen after 90 days from its May 1, 2026, implementation. The NCS also clarified budget discrepancies, explaining that the approved budget was based on a new 4 percent Free
Must ReadMicrosoft announced the elimination of approximately 4,800 jobs, representing about two percent of its global workforce, as part of a cost-cutting measure and a significant restructuring of its Xbox gaming division. The cuts include 3,200 gaming jobs over the coming fiscal year, with four game studios being spun off or sold, and a fifth, Arkane, undergoing a review that could lead to closure. This move is part of Microsoft's ongoing efforts to invest heavily in artificial intelligence. Amy Coleman, Microsoft's executive vice president, stated that the layoffs primarily affect the commercial business and Xbox, and are not being replaced by AI, though automation is reshaping work processes. Xbox CEO Asha Sharma informed employees that 1,600 positions were cut immediately, with more to follow through fiscal year 2027. Sharma described Xbox's business as "not healthy," citing significantly lower profit margins compared to competitors. Compulsion Games and Double Fine Productions will become independent, while Ninja Theory and Undead Labs will join new owners. Arkane's management is consulting with its Works Council regarding potential strategic options.