United Bank for Africa Plc (UBA) has announced that Group Chairman Tony Elumelu will retire from the bank’s board on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors permitted under the Central Bank of Nigeria’s corporate governance guidelines. The announcement was made following the bank’s board meeting on Monday, with UBA confirming that current Non-Executive Director Emmanuel Nnorom will assume the role of Group Chairman on the same date. According to a statement released by the bank and reported by Punch Newspaper, the board expressed appreciation for Elumelu’s leadership, describing his tenure as instrumental in strengthening UBA’s position as a leading pan-African financial institution. Under his chairmanship, UBA expanded its footprint to 20 African countries and established operations in four global financial centres. The bank also grew its customer base to more than 50 million across its international network. UBA said Elumelu’s retirement reflects compliance with the Central Bank of Nigeria’s corporate governance framework, which limits the tenure of non-executive directors to 12 years to promote board independence and stronger governance standards. In a farewell message posted on Facebook, Elumelu reflected on his years leading the bank, saying he had always viewed Africa as a single market with enormous potential rather than a collection of separate economies. He said his vision was to build an institution capable of connecting Africa to the world while enduring beyond individual leaders. Elumelu noted that UBA’s growth into one of Africa’s largest banking groups was made possible through the contributions of employees, management, directors, regulators, shareholders, customers and business partners. He also welcomed Emmanuel Nnorom as his successor, expressing confidence in his leadership, experience and understanding of the institution. Elumelu urged shareholders, customers, partners and employees to give Nnorom the same support they had shown him throughout his tenure. The leadership transition will officially take effect on August 21, 2026.
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