United Bank for Africa (UBA) Plc has announced that its 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 (CBN) corporate governance guidelines.
The announcement was made in a statement released by the bank on Monday following a Board of Directors meeting held on July 6, where Elumelu’s retirement was formally accepted.
UBA also confirmed the appointment of Mr. Emmanuel Nnorom, a current non-executive director on the board, as the bank’s new Chairman. His appointment will take effect from August 21, 2026.
The bank described Elumelu’s tenure as a transformative period that strengthened UBA’s position as one of Africa’s leading financial institutions.
During his leadership, UBA expanded its footprint across the African continent while increasing its presence in key international markets, reinforcing its reputation as a truly pan-African bank.
Reflecting on his time as Chairman, Elumelu expressed gratitude for the opportunity to lead the institution.
He described serving as Chairman of UBA as one of the greatest honours of his professional career and said he was leaving the bank with confidence in its future.
According to him, UBA has built a strong competitive position both across Africa and globally, creating a solid foundation for continued growth
Elumelu expressed confidence in his successor, describing Emmanuel Nnorom as an experienced leader known for integrity, professionalism and sound judgment.
He said he believes the incoming Chairman possesses the leadership qualities required to sustain the bank’s growth trajectory and deliver continued value to shareholders.
Responding to his appointment, Nnorom thanked the Board for the confidence placed in him and pledged to continue building on the achievements recorded under Elumelu’s leadership.
He said he looks forward to working closely with fellow board members, management and employees across UBA’s operations to strengthen the bank’s performance and create long-term value for customers, investors and other stakeholders.
According to UBA, Nnorom is a Chartered Accountant with more than 40 years of experience in banking, finance, auditing and corporate leadership.
Before joining the UBA Board as a non-executive director, he held several senior executive positions within Nigeria’s financial services industry.
Elumelu’s retirement is in compliance with the Central Bank of Nigeria’s Revised Code of Corporate Governance for Banks and Discount Houses, introduced in July 2023.
The revised framework limits the tenure of non-executive directors and chief executive officers in banks and financial holding companies to a maximum of 12 years, as part of broader efforts to strengthen corporate governance, accountability and board independence in Nigeria’s banking sector.
The planned transition marks the end of an era for one of Africa’s most influential banking leaders while signalling continuity in UBA’s long-term strategy.
With Emmanuel Nnorom set to assume the chairmanship later in August, stakeholders will be watching closely as the bank seeks to consolidate its leadership position across Africa, deepen its international expansion and sustain shareholder value under a new board chairman.
