By Paul Joseph
The Board of Directors of United Bank for Africa Plc has announced that its Group 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 corporate governance guidelines.
The announcement was made on Monday following a Board meeting held on July 6, with the bank also confirming the appointment of Emmanuel Nnorom as the incoming Group Chairman. His appointment will take effect on the same day as Elumelu’s retirement, ensuring a smooth leadership transition.
Elumelu’s tenure has been marked by significant growth and expansion for UBA, transforming it into one of Africa’s leading financial institutions.
During his leadership, the bank strengthened its presence in 20 African countries and expanded operations to four major international financial centres while growing its customer base to more than 50 million.
The bank also enhanced its digital banking services, reinforced corporate governance standards, and increased support for trade, investment, and economic development across its markets.
In a statement, the Board praised Elumelu’s leadership, describing his contribution as instrumental to UBA’s strategic growth and institutional development.
“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 statement read.
Reflecting on his retirement, Elumelu described his years on the Board as one of the defining periods of his career.
“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.
He also expressed confidence in his successor, saying Nnorom possesses the integrity, experience and sound judgment needed to guide the bank through its next phase of growth.
Nnorom, a chartered accountant with more than four decades of experience in banking, finance, auditing and corporate governance, has served as a Non-Executive Director on the UBA Board. He pledged to build on the foundation laid by Elumelu and sustain the bank’s growth trajectory.
“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with the Board, Management and staff across all our markets to continue delivering long-term value to our shareholders, customers and stakeholders,” Nnorom said.
Industry observers say the succession reflects UBA’s commitment to strong corporate governance and regulatory compliance, with the leadership transition expected to maintain continuity in the bank’s long-term strategy when it takes effect on August 21, 2026.
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