Lucky Obukohwo Reporting
United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the 12-year tenure limit for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).
The bank also confirmed the appointment of Emmanuel N. Nnorom, currently a Non-Executive Director, as the new Group Chairman. His appointment will take effect on August 21, 2026, following Elumelu’s retirement.
UBA disclosed the leadership transition in a statement issued on Monday, noting that its Board of Directors accepted Elumelu’s retirement during a meeting held on July 6, 2026, and unanimously elected Nnorom as his successor.
According to the bank, Elumelu’s retirement is in line with the CBN’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of deposit money banks.
Commenting on his retirement, Elumelu said serving UBA had been one of the greatest privileges 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.
Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership.”
Responding to his appointment, Nnorom said he was committed to building on the institution’s achievements.
“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 my colleagues on the Board, Management and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.”
The Board paid tribute to Elumelu for his outstanding contributions during his tenure, describing his leadership as pivotal to UBA’s transformation, sustained growth and long-term strategic development.
The bank noted that under Elumelu’s stewardship, UBA strengthened its position as a leading pan-African financial institution, expanding its presence to 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates.
Today, the Group serves more than 50 million customers across its network.
UBA also highlighted Nnorom’s extensive professional experience, noting that he brings over 40 years of expertise in banking, finance and auditing to his new role.
A chartered accountant and long-serving Non-Executive Director on the bank’s Board, Nnorom is expected to build on the institution’s strong governance framework while providing continuity in its strategic direction.
As one of Africa’s largest financial institutions, UBA offers retail, commercial and institutional banking services across its markets. The Group employs approximately 25,000 people and serves more than 50 million customers through its operations across Africa and key international financial centres.
