By Ene Rebecca
July 6, 2026
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 12-year tenure permitted for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The bank disclosed the decision following a Board meeting held on Monday, stating 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 the same date Elumelu formally steps down, ensuring a seamless leadership transition.
In a statement, UBA expressed appreciation to Elumelu for his leadership over the past 12 years, describing his tenure as a defining period in the bank’s history. According to the bank, he played a key role in strengthening UBA’s pan-African presence, expanding its operations across 20 African countries and maintaining a footprint in four major global financial centres while serving more than 50 million customers.
Reflecting on his departure, Elumelu described serving as Chairman of UBA as one of the greatest privileges of his career. He said he was leaving the Board with confidence in the institution’s future and expressed optimism that Nnorom would provide strong leadership, citing his integrity, experience, and sound judgment.
Responding to his appointment, Nnorom said he was honoured by the confidence reposed in him by the Board and pledged to work closely with fellow directors, management, and employees across the bank’s markets to sustain UBA’s growth while continuing to deliver long-term value to shareholders, customers, and other stakeholders.
The leadership transition comes as Nigerian banks continue to align with the Central Bank of Nigeria’s revised corporate governance framework, which sets tenure limits for directors to strengthen board independence and governance standards. UBA said the planned succession reflects its commitment to continuity and long-term institutional stability.
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