United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, following the completion of the maximum tenure permitted for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The decision was announced after a meeting of the bank’s Board of Directors, which also approved the appointment of current Non-Executive Director, Emmanuel Nnorom, as the incoming Group Chairman. His appointment will take effect on the same date Elumelu officially steps down.
In a statement, the board expressed deep appreciation to Elumelu for his leadership and significant contributions to the growth and transformation of the UBA Group over the years.
According to the bank, Elumelu’s tenure as chairman was marked by the successful implementation of UBA’s pan-African expansion strategy, which strengthened the institution’s presence across the continent and enhanced its position as one of Africa’s leading financial services groups.
Today, UBA operates in 20 African countries and maintains additional operations in four major international financial centres, serving more than 50 million customers through its extensive network of branches and digital banking platforms.
The bank noted that Elumelu’s leadership helped reinforce UBA’s corporate governance structure, expand its international footprint and improve its competitiveness in the African banking industry.
His retirement is in compliance with the Central Bank of Nigeria’s corporate governance framework, which limits the tenure of non-executive directors to a maximum of 12 years. The policy is aimed at promoting board independence, strengthening oversight and ensuring effective corporate governance across Nigeria’s banking sector.
Emmanuel Nnorom is expected to assume leadership of the board from August 21, bringing with him years of experience in corporate governance, finance and strategic management. His appointment is expected to provide continuity as UBA continues to pursue its growth strategy across Africa and global markets.
The transition marks the end of a significant chapter in UBA’s history, with the bank expressing confidence that the incoming chairman will build on the achievements recorded under Elumelu’s leadership while driving the institution toward its next phase of growth and innovation.
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