By Seun Ibiyemi
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 under the Central Bank of Nigeria’s corporate governance regulations.
The announcement was made on Monday following a meeting of the bank’s Board of Directors.
According to the bank, Elumelu’s retirement follows the completion of the maximum 12-year tenure allowed for non-executive directors under the Central Bank of Nigeria (CBN) corporate governance guidelines, which are aimed at strengthening board independence and improving governance standards across the banking sector.
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, the same day Elumelu officially exits the board.
In a statement issued after the board meeting, the bank expressed appreciation to Elumelu for his leadership and contributions to the institution’s growth.
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“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,” the statement read.
The bank noted that under Elumelu’s chairmanship, UBA significantly expanded its pan-African footprint, growing its operations to 20 African countries while maintaining a presence in four major global financial centres.
It added that the bank now serves more than 50 million customers across its network, underscoring the growth achieved during his tenure.
Elumelu’s retirement comes as Nigerian banks continue to implement the CBN’s corporate governance framework, which limits the tenure of non-executive directors to 12 years as part of efforts to promote transparency, accountability and stronger corporate governance within the financial sector.
With Nnorom set to assume the role of Group Chairman, UBA said the leadership transition reflects its commitment to continuity, sound governance and sustained growth across its operations in Africa and beyond.
