United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, after completing the maximum tenure permitted for non-executive directors.
In a statement, the bank said the retirement is in line with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a 12-year tenure limit for non-executive directors.
UBA also announced the appointment of Emmanuel Nnorom, currently a non-executive director on the board, as the incoming Group Chairman. His appointment will take effect on August 21, 2026, the same day Elumelu steps down.
The bank commended Elumelu for his years of service, noting that his leadership significantly contributed to UBA’s transformation, strategic growth, and long-term development.
According to the bank, Elumelu played a key role in strengthening the institution and expanding its footprint across the African continent. Under his chairmanship, UBA grew its operations to 20 African countries, while also establishing a presence in four international financial centres and serving more than 50 million customers.
The transition comes as Nigerian banks continue to align with the Central Bank of Nigeria’s corporate governance framework, which introduced the 12-year tenure cap for non-executive directors to enhance board independence and strengthen corporate governance across the banking sector.(Firm News)
