United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on 21 August 2026, bringing to an end more than a decade in the role.
The bank also confirmed the appointment of Emmanuel Nnorom as a Non-Executive Director and incoming Group Chairman, with both changes taking effect on the same date. The appointments were approved at a board meeting held on Monday.
According to a statement issued by UBA, Elumelu's retirement follows the Central Bank of Nigeria's corporate governance guidelines, which limit the tenure of non-executive directors of banks to 12 years.
The board credited Elumelu with leading a period of significant expansion, during which UBA strengthened its position across Africa and international markets. The bank now operates in 20 African countries and four global financial centres, serving more than 50 million customers.
"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," the bank said.
Reflecting on his tenure, Elumelu described his time at UBA as one of the defining chapters of his career and expressed confidence in the institution's future.
He also endorsed his successor, describing Nnorom as a leader with integrity, experience and sound judgement.
Responding to his appointment, Nnorom said he would focus on sustaining the bank's growth and delivering long-term value for shareholders, customers and other stakeholders.
Nnorom is a chartered accountant with more than 40 years of experience in banking, finance and auditing. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN), and an alumnus of Templeton College, Oxford.
The leadership transition will take effect on 21 August 2026.
