United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on 21 August 2026 after completing the maximum tenure permitted for non-executive directors.
The announcement was made following the bank’s board meeting on Monday, with UBA stating that Elumelu’s retirement complies with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors.
The bank also confirmed the appointment of current non-executive director Emmanuel Nnorom as the incoming Group Chairman. His appointment will take effect on the same day Elumelu steps down.
In a statement issued after the meeting, UBA expressed appreciation for Elumelu’s leadership and his contributions to the institution’s growth.
“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 read.
The bank noted that under Elumelu’s chairmanship, UBA strengthened its pan-African expansion strategy, extending its operations to 20 African countries while maintaining a presence in four global financial centres.
It added that the financial institution now serves more than 50 million customers across its network.
UBA said the leadership transition reflects ongoing compliance with the Central Bank of Nigeria’s corporate governance framework, which is designed to promote board independence and strengthen governance standards across the banking sector.
