Business
BREAKING: Meet Emmanuel Nnorom, Incoming UBA Chairman
On Monday, July 6, 2026, the United Bank for Africa (UBA) announced that billionaire investor Tony Elumelu is set to retire as Group Chairman after 12 years.
The Group also revealed the executive chosen to inherit one of Africa’s most influential banking boardrooms: Emmanuel N. Nnorom.
The leadership transition takes effect on August 21, subject to regulatory processes, marking the end of Elumelu’s tenure under the Central Bank of Nigeria’s corporate governance limits for non-executive directors.
For Nnorom, the appointment caps more than four decades in banking, finance, auditing and corporate leadership, much of it spent helping shape institutions that have become household names in Nigeria’s financial sector.
Nnorom’s career spans more than four decades across banking, finance, auditing and corporate leadership.
Born on April 7, 1958, he studied accounting and related services at Templeton College, Oxford University, completing the programme in 1996 before embarking on a series of senior management roles that established him as one of Nigeria’s most experienced banking executives.
He joined Diamond Bank Plc in January 1996 as General Manager for Operations and Branch Businesses, overseeing branch operations until May 1998. He later held brief executive roles as Senior Consultant at Equitorial Trust Bank between August and October 1998 before becoming Executive Director of Operations at Liberty Merchant Bank from November 1998 to November 1999.
His career trajectory
In January 2001, Nnorom was appointed General Manager for Finance and Planning at NUB International Bank, a position he held until April 2004. He subsequently moved to Standard Trust Bank as General Manager for Operations and Control, remaining there until July 2005 before the bank’s merger with United Bank for Africa.
His career accelerated at UBA, where he spent more than eight years rising through the executive ranks.
Beginning as General Manager for External Reporting in August 2005, he was promoted to Group Chief Operating Officer in April 2008, followed by appointments as Executive Director for Group Office in April 2009, Executive Director for Finance in July 2010 and Executive Director for Risk in March 2012.
In January 2013, he was named Managing Director and Chief Executive Officer of UBA Africa, overseeing the lender’s operations across the continent during a period of rapid regional expansion.
Nnorom joined Heirs Holdings in January 2014 as President and Chief Operating Officer, helping oversee the investment company’s growing portfolio across financial services, energy, healthcare, hospitality and infrastructure.
Eight months later, in September 2014, he was appointed President and Chief Executive Officer of Transnational Corporation of Nigeria Plc (Transcorp), where he led the diversified conglomerate’s businesses spanning power generation, hospitality, agribusiness and energy.
During his tenure, Transcorp expanded its strategic investments, including interests in the Ughelli Power Plant, Transcorp Hotels and Teragro Commodities, while strengthening its position as one of Nigeria’s largest listed conglomerates with roughly 300,000 shareholders.
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).
The World Bank has said Nigeria’s biggest fiscal challenge is weak revenue mobilisation rather than excessive borrowing, urging the government to prioritise efforts to boost revenue generation to support sustainable economic growth.
Speaking during an interview on Channels Television on Friday, the World Bank Country Director for Nigeria, Mathew Verghis, said Nigeria’s debt profile remains moderate by international standards and is significantly different from countries experiencing debt distress.
“From our assessment, Nigeria doesn’t have a high indebtedness problem; it has a low revenue problem,” Verghis said.
He explained that Nigeria’s debt-to-GDP ratio is lower than that of many comparable countries, stressing that concerns should focus on improving government revenue rather than limiting borrowing.
“When we looked at the numbers, Nigeria is a moderately indebted country, meaning it has less debt relative to its economy than most of its neighbours and many other countries,” he said.
“Nigeria is in a very different situation than Ghana, for example, which is going through a debt restructuring.”
Verghis defended government borrowing as a necessary tool for financing long-term investments that stimulate economic growth and improve living standards.
“Nigeria borrows for the same reasons that all countries borrow. If you want to deliver results to people, the money available on an annual basis is not enough. So you borrow, deliver results, and that improves your ability to repay,” he said.
He cited the expansion of electricity access as an example, noting that providing power to about 32 million Nigerians requires substantial upfront investment.
“To be able to connect and provide energy to 32 million Nigerians, Nigeria needs to borrow money now. But with increased access to energy, the country will become wealthier and better positioned to repay the loans,” he added.
The World Bank official, however, warned that low government revenue poses a greater threat to Nigeria’s fiscal sustainability than its current debt level.
Dangote Petroleum Refinery & Petrochemicals has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N50, bringing the new price to N1,075 per litre.
This marks the fourth price cut in just one month. The update was shared in a statement on X (formerly Twitter) on Thursday.
With this latest adjustment, the total decrease in the refinery’s petrol ex-depot price amounts to N200 per litre since May 30, 2026.
The company emphasizes that it is continuing to pass lower production costs on to consumers, although it is still refining crude oil that has been purchased at significantly elevated international prices.
Dangote Refinery said the latest price adjustment reflects its commitment to transferring the benefits of improving market conditions to consumers while ensuring the sustainability of its operations.
“The latest N50 per litre reduction brings the cumulative decrease in the refinery’s PMS ex-depot price to N200 per litre since May 30, 2026, reducing the gantry price to N1,075.”
“Over the same period, the refinery has reduced the ex-depot price of Automotive Gas Oil (AGO) by N300 per litre and Jet A1 aviation fuel by N520 per litre.”
The company said the successive reductions demonstrate its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the long-term sustainability of domestic refining operations.
The latest adjustment is expected to influence pump prices as marketers begin to reflect the lower ex-depot cost in retail sales.
The latest reduction comes as regulators and government officials continue to emphasise that fuel prices under Nigeria’s deregulated downstream petroleum market will be determined by market forces rather than government intervention.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, recently reiterated that petrol prices in a deregulated market would be driven by competition, not government directives.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has repeatedly maintained that petrol prices must remain cost-reflective, while warning marketers against profiteering and arbitrary pricing.
The Federal Competition and Consumer Protection Commission (FCCPC) has also advocated competitive market practices, insisting that consumers should benefit from lower prices resulting from improved supply conditions and stronger competition.
The increasing domestic supply of refined petroleum products is expected to intensify competition among suppliers, creating room for further price adjustments where market conditions permit.
The latest price reduction extends Dangote Refinery’s aggressive pricing strategy since the end of May as competition in Nigeria’s downstream petroleum sector continues to deepen.
The National Bureau of Statistics earlier reported that the average retail price of Premium Motor Spirit, commonly known as petrol, rose by 55.31% year-on-year to N1,596.25 per litre in May 2026.
The latest petrol price data comes amid renewed pressure on global commodity markets, driven by geopolitical developments in the Middle East and disruptions to global energy supply chains.
The Nigerian National Petroleum Company Limited (NNPCL) has reduced its retail pump price of Premium Motor Spirit(PMS) again. This is the second drop in as many weeks, reflecting the changes in the global crude oil market.
While prices in Lagos reduced from N1,210 to N1,125 a litre, motorists at the Abuja depot now pay N1,170 per litre, down from N1,260 per litre at NNPC stations.
This review comes less than a week after the company slashed petrol prices from N1,165 per litre to N1,150 per litre in Lagos and N1,255 per litre to N1,190 per litre in the FCT. NNPC retail stations in Lagos, Abuja and some other locations have adjusted to N1,170 Petroleumprice.ng reports.
Many independent and major marketers have reduced their pump prices due to a decrease in ex-depot prices and intensifying competition.
The changes followed as marketers buy petrol at depots at a lower price than last week.
For example, Integrated, Ascon, Sahara, Bono, and African Terminal supplied petrol at N1,120 per litre while Pinnacle and Techno Oil supplied petrol at N1,121 per litre, which makes it easy for retailers to lower their pump price.
The latest adjustment would increase competitive pressure on the oil marketers, and will further drive competition among them to woo customers and retain market share.
The federal government has also urged marketers to bring down domestic pump price whenever prices crash due to global oil price decline.
Although petrol price in the country is determined by market dynamics under the deregulated system, the government has said that it has the responsibility to protect the consumers.
Market experts are optimistic that the latest reduction by NNPC could trigger another round of downward reviews by the competing oil marketers within the week.
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