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 tenure permitted for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The decision was taken during the bank’s board meeting held on Monday. UBA also confirmed that Emmanuel Nnorom, a long-serving non-executive director on the board, will succeed Elumelu as group chairman from the same date.
The bank said the leadership transition follows regulatory requirements aimed at strengthening corporate governance and board independence in Nigerian financial institutions.
UBA acknowledged Elumelu’s contributions during his time as chairman, noting that the bank expanded its presence across Africa under his leadership. It said the financial institution now operates in 20 African countries and maintains operations in four international financial centres while serving more than 50 million customers.
Reacting to the announcement, Elumelu reflected on his years of service, describing his time at UBA as an opportunity to help build an African financial institution capable of competing globally while supporting the continent’s development.
He said his long-term goal was to create a bank that would connect Africa with the rest of the world and continue to thrive beyond any individual. According to him, the institution has grown into a strong financial group through the efforts of its employees, management, directors, customers, shareholders, regulators and business partners.
Elumelu also welcomed Emmanuel Nnorom as the incoming chairman, expressing confidence in his experience, leadership ability and understanding of the bank. He urged shareholders, customers, staff and other stakeholders to support the incoming chairman as he takes over the leadership of the group.
The leadership handover is expected to mark a new phase for UBA as the bank continues its operations across Africa and other international markets under its new board chairman.