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 tenure allowed for non-executive directors.
The decision was made during the bank’s board meeting held on Monday.
UBA said the retirement follows the Central Bank of Nigeria’s corporate governance rules, which limit the tenure of non-executive directors to 12 years.
Following Elumelu’s exit, the bank has appointed Emmanuel Nnorom, who currently serves as a non-executive director on the board, as the next Group Chairman.
His appointment will take effect on August 21, 2026, the same day Elumelu officially leaves the position.
UBA thanked Elumelu for his years of service, describing his leadership as one that helped shape the bank’s growth and long-term direction.
The bank said he played a major role in strengthening the institution and driving its expansion across Africa.
During his time as chairman, UBA increased its presence across the continent and now operates in 20 African countries.
The bank also maintains operations in four international financial centres while serving more than 50 million customers through its network.
The leadership change comes as Nigerian banks continue to comply with the Central Bank of Nigeria’s corporate governance framework, which introduced a 12-year limit for non-executive directors as part of efforts to promote stronger board independence and better corporate governance.
