United Bank for Africa Plc has announced that its group chairman, Tony Elumelu, will officially retire from the board of directors on August 21, 2026.
The bank shared this development during its board meeting on Monday, explaining that the transition aligns with regulatory compliance. Specifically, the move follows the completion of the maximum 12-year tenure for non-executive directors as outlined by the Central Bank of Nigeria.
To fill the upcoming vacancy, the financial institution has appointed Emmanuel Nnorom, a current non-executive director on the board, as the incoming group chairman. His appointment will take effect on the same day as Elumelu’s retirement.
In a statement issued shortly after the board meeting, the bank noted:
“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.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.
“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”
