UBA Announces New Chairman As Tony Elumelu Prepares For Retirement

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, bringing to an end a 12-year tenure in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines for non-executive directors.

According to Ireporter Online, the development was disclosed on Monday following the bank’s board meeting, where it was confirmed that the retirement aligns with regulatory limits on tenure duration for non-executive board members.

The bank further announced that Emmanuel Nnorom, who currently serves as a non-executive director on the board, has been appointed as the incoming Group Chairman. His appointment will take effect immediately after Elumelu’s exit on the same date.

In an official statement, the Board expressed deep appreciation for Elumelu’s leadership, describing his tenure as transformative and instrumental to the bank’s long-term strategic direction and institutional 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,” the statement read.

Under his leadership, UBA expanded its footprint significantly across the African continent, growing into 20 countries and establishing operations in four major global financial hubs. The bank also noted that it now serves over 50 million customers worldwide, reflecting its strengthened position as one of Africa’s leading financial institutions.