At its meeting held on 6 July 2026, the Board accepted Mr. Elumelu’s retirement and elected Mr. Emmanuel N. Nnorom, a Non-Executive Director of the Bank, as his successor, with effect from 21 August 2026.

The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.

Mr. Elumelu’s tenure has been a defining chapter in the Group’s history. Under his stewardship, UBA was transformed into a pan African institution, operating in 20 African countries and 4 global financial centres and serving over 50 million customers.

Mr. Nnorom is a chartered accountant with over forty years’ experience in banking, finance and audit. He brings to the role extensive leadership experience and deep institutional knowledge of UBA.

Commenting on his retirement, Mr. Tony O. Elumelu, CFR, said:

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”

Mr. Emmanuel N. Nnorom, on his appointment, said:

“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.”

United Bank for Africa Plc is Africa’s Global Bank. Operating across twenty African countries and in the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 50 million customers globally.

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The Director-General of PenCom, Omolola Oloworaran, disclosed this during her welcome remarks at the first bi-annual roundtable discussion between PenCom and  the leadership of the Trade Union Congress of Nigeria (TUC).

According to Oloworaran, the achievement reflects the impact of ongoing reforms under Pension Revolution 2.0, a strategic initiative aimed at enhancing investment performance and safeguarding retirement savings against inflationary and currency risks.

As part of the reform agenda, the pension industry recently conducted a comprehensive review of its investment guidelines to strengthen long-term returns and preserve contributors’ wealth. The revised framework significantly expands the range of allowable asset classes, with increased exposure to real assets such as infrastructure investments, which serve as a natural hedge against inflation.

In addition, PenCom has introduced new investment instruments, including securities lending, repurchase agreements, and treasury bills, to deepen market participation, improve liquidity, and enhance portfolio yields.

The review acknowledged that rising inflation and exchange-rate volatility had previously eroded real pension returns, underscoring the need for a more diversified and resilient investment strategy. The updated framework is therefore designed to optimize returns while positioning pension assets to better withstand macroeconomic shocks.

“These reforms are already yielding results,” Oloworaran said, noting that pension fund returns are now approaching — and in some cases exceeding — inflation, representing a major turnaround after years of real value erosion.

PenCom is also working towards establishing a minimum pension guarantee through the Pension Protection Fund, supported by federal government contributions following the clearance of outstanding pension liabilities.

“This will enable us to establish a minimum pension for Nigerians, a critical step towards ensuring dignified retirement,” she stated.

Currently funded by PenCom, Pension Fund Administrators (PFAs), and Pension Fund Custodians (PFCs), the scheme will initially be implemented within the public sector before extending to private-sector workers as the funding base expands.

The regulator is also advocating for eventual mandatory contributions to strengthen the sustainability of the fund, a move that may require labour support amid anticipated resistance from employers.

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BY NKECHI NAECHE-ESEZOBOR—The President of the Trade Union Congress of Nigeria (TUC), Comrade Festus Osifo, has applauded the ongoing reforms by the National Pension Commission (PenCom), saying the measures have renewed workers’ confidence in the nation’s pension system and strengthened hopes of a dignified retirement for Nigerian workers.

Osifo gave the commendation during a bi-annual roundtable meeting with PenCom leadership, where he reaffirmed the Congress’ support for the commission’s reform agenda under Director-General Omolola Oloworaran.

From left: President Trade Union Congress, Festus Osijo; Director General National Pension Commission, Ms. Omolola Oloworaran; General Secretary Dr. Nuhu Toro and Commissioner Technical, Hafiz Kawa at the event

Osifo said the Congress stands firmly behind the reforms introduced by PenCom since Oloworaran assumed office as Director-General.

According to him, the commission has continued to demonstrate exceptional transparency and institutional credibility.

“We have watched the evolution of this Commission, and we can boldly say that PenCom stands as the finest institution in Nigeria today,” Osifo said.

Representatives of PenCom at the event 

“The transparency we see here gives the Nigerian worker hope that their sunset years will be dignified.”

The engagement organized by PenCom is part of the commission’s stakeholder engagement framework aimed at strengthening transparency, trust, and collaboration in the administration of Nigeria’s pension system.

Speaking on the achievements and ongoing reforms within the pension industry, Oloworaran said PenCom had successfully built a stable pension system since the introduction of the Contributory Pension Scheme in 2004.

She noted that pension funds have remained secure over the years.

“Since 2004 till today, we have not had any incident with pension funds, and we will not have any incidents because of the controls we have put in place,” she said.

The DG explained that the commission is now shifting focus from stability to visible impact through a wide range of reforms tagged Pension Revolution 2.0, described as the most significant reform package since the Pension Reform Act of 2004.

According to her, the reforms are designed to ensure that Nigerian workers retire with dignity and enjoy improved financial security.

A key component of the initiative, she disclosed, is the planned rollout of health insurance coverage for pension contributors, particularly low-income earners.

“We believe that wellbeing is very important for every Nigerian worker. What better way to ensure the wellbeing of workers than providing healthcare?” she said.

She added that PenCom would also soon begin implementation of the Pension Protection Fund, which will establish a minimum pension threshold for retirees, starting with the public sector.

Oloworaran said the move follows the clearance of outstanding pension obligations by the Federal Government and fresh contributions into the fund.

On pension coverage, Oloworaran expressed concern over low compliance among states, revealing that only eight out of the 36 states are fully compliant with the contributory pension scheme.

She said PenCom is intensifying engagement with state governments, labour unions, and relevant agencies to improve compliance.

The DG also highlighted efforts to expand pension participation beyond the formal sector through the newly rebranded Personal Pension Plan, formerly known as micro pensions.

The scheme, she explained, is designed to attract workers in the informal sector, small business owners, and even parents seeking to save for their children’s future.

To drive deeper inclusion, she said PenCom introduced Accredited Pension Agents to take pension services directly to markets, rural communities, and underserved groups.

According to her, the agents will work closely with Pension Fund Administrators (PFAs) and earn a share of management fees, creating new business opportunities, especially for fintech operators.

She expressed optimism that the reforms would significantly improve pension penetration and secure brighter prospects for the industry.

“I see brighter days ahead in the pension industry,” Oloworaran said.

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