United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors later this year after completing the maximum tenure permitted under the Central Bank of Nigeria’s corporate governance rules.
The transition is scheduled to take effect on August 21, 2026, marking the end of Elumelu’s 12-year tenure as a non-executive director of the financial institution.
UBA Announces Leadership Transition
The decision was disclosed following a meeting of the bank’s Board of Directors.
According to UBA, Elumelu’s retirement is in line with the Central Bank of Nigeria’s corporate governance framework, which limits the tenure of non-executive directors to 12 years.
The bank also announced that current non-executive director Emmanuel Nnorom has been appointed as the next Group Chairman.
His appointment will become effective on the same day Elumelu officially steps down from the board.
Board Pays Tribute to Elumelu
In a statement, UBA commended Elumelu for his leadership and contribution to the institution’s growth over the years.
The board credited him with strengthening the bank’s strategic direction and driving its expansion across Africa and beyond.
During his tenure as chairman, UBA significantly expanded its continental footprint and reinforced its position as one of Africa’s leading financial institutions.
Pan-African Expansion Under His Leadership
UBA noted that under Elumelu’s leadership, the bank broadened its operations to 20 African countries while maintaining a presence in four international financial centres.
The institution also highlighted its customer growth, stating that it now serves more than 50 million customers across its network.
The board described his tenure as one that helped reinforce UBA’s institutional strength and long-term vision.
Emmanuel Nnorom to Lead Next Chapter
With Emmanuel Nnorom set to assume the role of Group Chairman, the bank begins a new phase of leadership while maintaining continuity within its governance structure.
The transition comes as Nigerian banks continue aligning with the CBN’s governance reforms designed to strengthen board independence, accountability and corporate oversight.
Market observers are expected to watch closely as UBA enters its next chapter under new board leadership.
What do you feel about this post?
Like
Love
Happy
Haha
Sad
