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 decision was announced on Monday following a meeting of the bank’s Board of Directors.
According to UBA, Elumelu’s retirement follows the completion of the maximum 12-year tenure allowed for non-executive directors under the CBN’s corporate governance guidelines.
The bank also disclosed that Emmanuel Nnorom, who currently serves as a non-executive director, has been appointed as the incoming Group Chairman. His appointment will take effect on August 21, the same day Elumelu officially steps down from the board.
In a statement issued after the board meeting, UBA praised Elumelu for his leadership and contributions to the bank’s growth.
“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.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.
“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards,” the statement read.
