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, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).
The decision was announced at the bank’s board meeting on Monday, with the Board appointing Emmanuel Nnorom, a current non-executive director, as the incoming Group Chairman. His appointment will take effect on the same date Elumelu steps down.
In a statement, UBA expressed appreciation for Elumelu’s leadership, describing his tenure as instrumental in strengthening the institution and advancing its pan-African expansion strategy.
According to the bank, UBA now operates in 20 African countries and has a presence in four global financial centres, serving more than 50 million customers across its network.
The bank noted that the leadership transition aligns with the CBN’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors to promote board independence and sound corporate governance.
Reacting to the announcement, Elumelu reflected on his decades-long association with the bank, describing UBA as an African institution built to compete globally while contributing to the continent’s development.
He said his vision was to create a financial institution that would outlive individuals by connecting Africa to itself and the rest of the world through banking, trade, and investment.
Elumelu also welcomed Emmanuel Nnorom as his successor, expressing confidence in his leadership, experience, and deep understanding of the bank, while urging shareholders, customers, employees, and partners to support the incoming chairman.
The transition marks the end of an era for one of Africa’s leading financial institutions as UBA prepares for a new phase of leadership under Nnorom.
