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 allowed for non-executive directors.
The decision was taken during the bank’s board meeting held on Monday.
According to UBA, Elumelu’s retirement is in line with the Central Bank of Nigeria’s corporate governance guidelines, which limit the tenure of non-executive directors to 12 years.
Following his retirement, the bank has appointed Emmanuel Nnorom, who currently serves as a non-executive director on the board, as the new Group Chairman.
Nnorom’s appointment will take effect on August 21, 2026, the same day Elumelu officially steps down from the position.
UBA thanked Elumelu for his years of service, describing his leadership as instrumental to the bank’s growth and long-term development.
The bank said Elumelu played a key role in strengthening the institution and expanding its operations across Africa.
During his tenure as chairman, UBA increased its presence to 20 African countries. The bank also expanded its operations to four international financial centres and now serves more than 50 million customers through its network.
The leadership transition comes as Nigerian banks continue to comply with the Central Bank of Nigeria’s corporate governance framework, which introduced a 12-year tenure limit for non-executive directors to promote stronger board independence and improve corporate governance.
