LAGOS — United Bank for Africa (UBA) Plc has announced that its Chairman, Tony Elumelu, will retire 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 bank disclosed the development in a statement on Monday, stating that its Board of Directors accepted Elumelu’s retirement at a meeting held on July 6.
UBA also announced the appointment of Mr. Emmanuel Nnorom, a non-executive director on the board, as the new Chairman, with effect from August 21.
The bank said Elumelu’s retirement marks the end of a leadership period during which UBA strengthened its position as a leading pan-African financial institution, expanding its operations across Africa and into international markets.
Reflecting on his tenure, Elumelu described his time as chairman as one of the greatest privileges of his professional career.
“UBA has established a unique competitive position across Africa and globally, and I leave the board with great confidence in the bank’s future,” he said.
He expressed confidence in his successor, describing Nnorom as a leader with integrity, experience and sound judgment.
“I am confident that the bank will continue to thrive under his leadership,” Elumelu added.
Responding to his appointment, Nnorom thanked the board for the confidence reposed in him and pledged to build on the bank’s achievements.
“I am honoured by the trust the board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the board, management and staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” he said.
According to the bank, Nnorom is a chartered accountant with more than 40 years of experience in banking, finance and auditing. He has served as a non-executive director of UBA and previously held senior executive positions in the financial services sector.
The retirement comes in line with the Central Bank of Nigeria’s revised Code of Corporate Governance for banks and financial holding companies, introduced in July 2023, which prescribes a maximum tenure of 12 years for non-executive directors and chief executive officers in the banking industry.
