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 required by the Central Bank of Nigeria (CBN).
The announcement followed a meeting of the bank's Board of Directors, which also confirmed the appointment of Emmanuel Nnorom, a current non-executive director, as the new Group Chairman. His appointment will take effect immediately after Elumelu's retirement.
UBA described Elumelu's departure as the end of a transformative era, praising his leadership in expanding the bank's operations across Africa and strengthening its global presence.
During his tenure, UBA grew its footprint to 20 African countries and established operations in four international financial centres, serving more than 50 million customers worldwide.
In a farewell message, Elumelu said his vision had always been to build a world-class African financial institution capable of competing globally while supporting the continent's economic development.
He noted that leadership is about preparing institutions for the future and expressed confidence that Emmanuel Nnorom has the experience and leadership needed to guide UBA through its next phase of growth.
Elumelu also thanked the bank's employees, customers, shareholders, regulators, partners and board members for their support over the years, describing UBA's success as a collective achievement.
The leadership transition is in line with the CBN's corporate governance guidelines, which limit the tenure of non-executive directors to 12 years to promote board independence and stronger corporate governance.
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