United Bank for Africa, UBA, Plc has announced that its Group Chairman, Tony Elumelu, will officially retire from the bank’s Board of Directors on August 21, 2026.
The landmark announcement came on Monday following a high-profile meeting of the financial institution’s board members.
UBA explained that Elumelu’s exit follows the completion of the maximum 12-year tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance regulations.
Emmanuel Nnorom, a current non-executive director on the board, has been appointed as the incoming Group Chairman to take over the mantle on the exact day Elumelu departs.
In a statement issued after the meeting, the bank said, “The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.”
The bank added that, “Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.”
The board concluded that, “The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”