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 for non-executive directors stipulated by the Central Bank of Nigeria.
The decision was approved during the bank’s board meeting on Monday. The board also appointed current non-executive director Emmanuel Nnorom as the new Group Chairman, with his appointment taking effect on the same date.
In a statement, UBA praised Elumelu for his leadership, noting that under his chairmanship the bank strengthened its pan-African expansion strategy, growing its presence to 20 African countries and four international financial centres while expanding its customer base to more than 50 million.
The bank said the transition aligns with the CBN’s corporate governance guidelines, which limit the tenure of non-executive directors to 12 years to promote board independence and stronger governance practices.
Reacting to the announcement, Elumelu described his departure as the beginning of a new chapter for an institution he has helped build over several decades.
In a farewell message posted on Facebook, he said his vision had always been to create an African financial institution capable of competing globally while driving the continent’s economic development.
According to him, Africa’s challenge is not a shortage of talented people but the need for enduring institutions that outlive individual leaders.
Elumelu said he was stepping down with pride, highlighting UBA’s growth into a bank serving over 50 million customers across 20 African countries and four continents, while supporting trade, investment and financial inclusion.
He expressed gratitude to the bank’s employees, management, directors, shareholders, regulators, customers and partners for their contributions to UBA’s success.
The outgoing chairman also endorsed Nnorom as his successor, expressing confidence in his leadership, experience and understanding of the institution, and urged stakeholders to give him the same support they had extended throughout his tenure.
- ICPC arrests El-Rufai’s doctor, alleges abuse of court-approved medical visit - July 7, 2026
- Police demote two officers over POS extortion in Delta - July 7, 2026
- Court voids ARCON’s ₦60bn fine against Facebook - July 7, 2026
