United Bank for Africa Plc has announced that its Group Chairman, Tony Elumelu, will retire from the board of directors on August 21, 2026.
The bank made the announcement on Monday after a board meeting, saying the move follows the completion of the maximum 12-year tenure for non-executive directors set by the Central Bank of Nigeria.
UBA also confirmed that Emmanuel Nnorom, who currently serves as a non-executive director, will become the new Group Chairman. His appointment will take effect on the same day Elumelu leaves the board.
In a statement issued after the meeting, the bank said, “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.”
