United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the board on 21 August 2026 after completing the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
The bank disclosed this in a statement issued on Monday after a meeting of its Board of Directors.
UBA also announced the appointment of Emmanuel Nnorom, a current non-executive director, as the incoming Group Chairman. His appointment will take effect on the same date Mr Elumelu leaves the board.
The bank described Mr Elumelu’s tenure as transformational, crediting him with strengthening the institution and driving its continental expansion.
“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 statement said.
It added that under Mr Elumelu’s chairmanship, UBA expanded its operations to 20 African countries and established a presence in four global financial centres, while growing its customer base to more than 50 million.
The bank said Mr Elumelu’s retirement is in compliance with the CBN’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors to promote board independence and strengthen governance standards.
