LAGOS, July 6 – United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
The bank also announced the appointment of Emmanuel N. Nnorom, currently a Non-Executive Director, as the incoming Group Chairman. His appointment will take effect immediately following Elumelu’s retirement on August 21.
According to a statement issued by the bank, the leadership transition was approved during a Board meeting held on July 6, 2026.
UBA said Elumelu’s retirement complies with the CBN’s corporate governance guidelines, which set a maximum tenure of 12 years for non-executive directors of deposit money banks.
The Board paid tribute to Elumelu’s leadership, describing his tenure as one of the most transformative periods in the institution’s history.
According to the bank, “The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.”
UBA said Elumelu played a pivotal role in strengthening the bank’s position as one of Africa’s leading financial institutions, expanding its operations across 20 African countries and establishing a presence in four global financial centres.
The lender added that it now serves more than 50 million customers across its markets, reinforcing its position as one of the continent’s largest banking groups.
Reflecting on his retirement, Elumelu said, “Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future.”
He also expressed confidence in his successor, stating, “Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”
Nnorom, a chartered accountant with more than 40 years of experience in banking, finance and auditing, will assume leadership of the Board as UBA enters its next phase of growth.
Commenting on his appointment, Nnorom said, “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 our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders.”
The leadership transition is expected to take effect on August 21, 2026, marking the end of Elumelu’s 12-year tenure as Group Chairman and the beginning of a new chapter under Nnorom’s leadership.
