United Bank for Africa (UBA) Plc has announced that its Chairman, Tony Elumelu, will retire from the board on August 21, 2026, after reaching the maximum tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The announcement was made in a statement issued by the bank on Monday following a meeting of its Board of Directors held on July 6, where Elumelu’s retirement was formally accepted.
UBA also confirmed the appointment of Mr. Emmanuel Nnorom, who currently serves as a non-executive director on the board, as the bank’s new Chairman. His appointment will take effect from August 21.
The bank said Elumelu’s exit brings to a close a significant chapter in its history, noting that under his leadership, UBA consolidated its position as one of Africa’s leading financial institutions while expanding its footprint across the continent and strengthening its presence in international markets.
Reflecting on his time as chairman, Elumelu described the role as one of the greatest honours of his 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 also expressed confidence in the incoming chairman, saying Nnorom possesses the qualities needed to lead the institution into its next phase of growth.
“I am confident that the bank will continue to thrive under his leadership,” Elumelu added.
In his acceptance remarks, Nnorom thanked the board for entrusting him with the position and pledged to build on the achievements recorded over the years.
“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 four decades of experience spanning banking, finance and auditing. Before joining UBA’s board as a non-executive director, he held several senior leadership positions within the financial services industry.
UBA explained that Elumelu’s retirement is in line with the Central Bank of Nigeria’s revised Code of Corporate Governance for banks and financial holding companies, introduced in July 2023. The code sets a maximum tenure of 12 years for non-executive directors and chief executive officers in the banking sector.