United Bank for Africa (UBA) Plc has appointed veteran banker and corporate executive Emmanuel Nnorom as its new Group Chairman, following the retirement of Tony Elumelu after the completion of his tenure.

Nnorom, who has served as a Non-Executive Director on UBA’s Board since 2024, will officially assume office on August 21, 2026, in line with the Central Bank of Nigeria’s corporate governance guidelines.

Here are 10 key facts about the incoming UBA chairman:

1. Born in 1958
Emmanuel Nwabuikwu “Emma” Nnorom was born on April 7, 1958, and has built a distinguished career spanning banking, investment and corporate leadership.

2. Executive education at Oxford
Nnorom attended Templeton College, Oxford, where he completed executive leadership and management programmes, further strengthening his corporate governance expertise.

3. Chartered accountant and banker
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN).

4. More than 40 years of experience
With over four decades in banking, finance, audit, operations and corporate governance, Nnorom has occupied several executive and board positions in Nigeria’s financial sector.

5. Career across leading Nigerian banks
Before his leadership roles at UBA, he worked in senior management positions at Standard Trust Bank (now UBA), Diamond Bank, NUB International Bank and Liberty Merchant Bank, overseeing finance, operations, risk management, planning, information technology and human resources.

6. Rose through the ranks at UBA
Nnorom spent more than eight years in executive management at UBA, serving as Group Chief Operating Officer, Executive Director (Finance), Executive Director (Risk), Executive Director (Group Executive Office) and later Managing Director/Chief Executive Officer of UBA Africa.

7. Led UBA’s African expansion
As CEO of UBA Africa in 2013, he supervised the bank’s operations across several African countries, helping strengthen its position as one of the continent’s leading financial institutions.

8. Served at Heirs Holdings
Before joining Transcorp, Nnorom was President and Chief Operating Officer of Heirs Holdings between January and August 2014, where he played a key role in executing the group’s investment strategy.

9. Former President and CEO of Transcorp
Between September 2014 and May 2017, he served as President and Chief Executive Officer of Transnational Corporation Plc (Transcorp), overseeing businesses in power, hospitality, agriculture and energy.

10. Current Group CEO of Heirs Holdings
Since June 2017, Nnorom has served as Group Chief Executive Officer of Heirs Holdings, leading investments across financial services, healthcare, power, hospitality, real estate, technology and energy.

His appointment marks a new chapter for UBA as the bank transitions from the era of Tony Elumelu to another seasoned corporate leader with decades of experience in banking, governance and strategic investment.

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Dr. Elombi, a Cameroonian national and long-serving executive at the bank, is the fourth President since Afreximbank was founded in 1993. His appointment was confirmed at the bank’s 32nd annual general meetings, held from June 25 to 28 in Abuja. Shareholders gave their final approval on Saturday.

He will officially replace Professor Benedict Oramah, who has led the bank since 2015 and is set to step down in September 2025.

Dr. Elombi began his career at Afreximbank in 1996 as a Legal Officer. Over nearly 30 years, he rose through the ranks, taking on key roles such as Executive Vice President for Governance, Legal and Corporate Services, Director and Executive Secretary, and Chief Legal Officer. Before joining Afreximbank, he taught law at the University of Hull in the United Kingdom.

Dr. Elombi has played a central role in the bank’s growth. He helped establish several subsidiaries and expand the bank’s reach across Africa. During the COVID-19 pandemic, he chaired the Emergency Response Committee, leading efforts to mobilise over $2 billion for vaccine procurement and distribution across Africa and the Caribbean. Under his leadership, the Equity Mobilisation and Investor Relations department raised $3.6 billion in equity as of April 2025.

In his acceptance speech, Dr. Elombi expressed his commitment to the bank’s mission. “I have had the privilege of working with visionary leaders and colleagues to shape this institution’s mandate and growth,” he said. “Looking ahead, I see Afreximbank as a driver of Africa’s industrialisation and a symbol of dignity for Africans everywhere. I will work to preserve and grow this legacy.”

He also pledged to continue pursuing the bold target set by his predecessor: transforming Afreximbank into a $250 billion institution within the next decade.

Dr. Elombi holds a Master of Laws (LL.M.) and a Ph.D. in commercial arbitration from the London School of Economics, University of London. He also earned a Maitrise-en-Droit from the University of Yaoundé.

His appointment followed a rigorous global selection process that began in January 2025. The search included an open international call for applications, interviews by a top executive search firm, and a final recommendation from the Board of Directors to the shareholders.

Under the Afreximbank charter, the President is appointed by the general meeting of shareholders on the Board’s recommendation. The term is five years and may be renewed once.

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The legislation, titled “A Bill for an Act to Provide for the Assessment, Collection of, and Accounting for Revenue Accruing to the Federation, Federal, States, and Local Governments; Prescribe the Powers and Functions of Tax Authorities, and for Related Matters,” aims to enhance tax compliance and improve the country’s revenue collection process.

Dated October 4, 2024, and obtained from the National Assembly, the bill stipulates that financial service providers must ensure clients furnish a TIN as a prerequisite for accessing their services. This move is part of broader efforts to ensure that all individuals and entities participating in financial activities are properly registered for tax purposes.

The bill also requires any non-resident person supplying taxable goods or services to individuals in Nigeria or deriving income from the country to register for tax purposes and obtain a TIN. However, non-resident individuals who earn only passive income from investments in Nigeria are exempt from this requirement but must provide relevant information as prescribed by the tax authority.

Additionally, the proposed legislation empowers tax authorities to automatically register and issue a TIN to individuals who fail to apply for one when required. In such instances, the tax authority must promptly notify the individual about their registration and the issuance of the TIN.

Non-compliance with these requirements may result in administrative penalties. A taxable person who fails to register for tax will face a penalty of ₦50,000 for the first month of non-compliance and ₦25,000 for each subsequent month.

The introduction of this bill aligns with ongoing efforts by the Nigerian government to bolster tax compliance and increase revenue generation. It follows recent tax reform initiatives, including submissions of tax bills to the National Assembly by President Bola Tinubu.

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