The Board of Directors of United Bank for Africa Plc has announced that its Chairman, Tony Elumelu, will retire from the board on August 21, 2026, after completing the maximum 12-year tenure permitted for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The decision was approved at the bank’s board meeting held on July 6, with the board also confirming the appointment of Emmanuel Nnorom as the new chairman. His appointment will take effect from August 21, 2026.
UBA said Elumelu’s departure marks the conclusion of a leadership era during which the financial institution consolidated its position as one of Africa’s leading banking groups, broadening its footprint across the continent while strengthening its international presence.
Commenting on his retirement, Elumelu described serving as chairman as one of the defining experiences of his professional life, expressing confidence that the bank is well positioned for sustained growth.
He said UBA has evolved into a formidable pan-African institution with a strong global outlook, adding that he leaves the board assured of the bank’s continued success.
Elumelu also expressed confidence in Nnorom’s ability to lead the board, describing him as a seasoned professional with the experience and judgment required to guide the institution through its next phase of growth.
In his acceptance remarks, Nnorom thanked the board for the confidence placed in him and pledged to build on the bank’s achievements.
He said he looks forward to working with the board, management and employees across UBA’s operations to strengthen the bank’s performance and create sustainable value for shareholders, customers and other stakeholders.
UBA noted that Nnorom is a chartered accountant with more than four decades of experience spanning banking, finance and auditing. He has served as a non-executive director of the bank and previously occupied senior leadership positions within the financial services industry.
The leadership transition comes as Nigerian banks continue to align with the Central Bank of Nigeria’s revised Code of Corporate Governance introduced in 2023, which limits the tenure of non-executive directors and chief executive officers in banks and financial holding companies to a maximum of 12 years.
