United Bank for Africa Plc has announced that Tony Elumelu will retire as Chairman of the bank on August 21, 2026, after completing the maximum 12-year tenure allowed for non-executive directors under Central Bank of Nigeria regulations.
According to Vanguard, the bank disclosed the development in a statement on Monday, adding that its Board of Directors accepted Elumelu’s retirement during a meeting held on July 6.
UBA also announced the appointment of Emmanuel Nnorom, a non-executive director on the board, as the new Chairman of the bank, effective August 21.
The bank said Elumelu’s retirement marks the end of a significant leadership period during which UBA strengthened its position as one of Africa’s leading financial institutions, expanding its operations across the continent and into global markets.
Reflecting on his tenure, Tony Elumelu described his time as chairman as one of the greatest privileges of his professional career.
“UBA has established a unique competitive position across Africa and globally, and I leave the board with great confidence in the bank’s future,” he said.
Elumelu also expressed confidence in his successor, describing Nnorom as a leader with integrity, experience and sound judgment.
“I am confident that the bank will continue to thrive under his leadership,” Elumelu added.
Responding to his appointment, Nnorom thanked the board for the confidence placed in him and promised to build on the bank’s achievements.
“I am honoured by the trust the board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the board, management and staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” he said.
According to UBA, Nnorom is a chartered accountant with more than 40 years of experience in banking, finance and auditing. He has served as a non-executive director of the bank and previously held senior executive positions in the financial services sector.
The retirement of Tony Elumelu is in line with the CBN’s revised Code of Corporate Governance for banks and financial holding companies, introduced in July 2023, which limits the tenure of non-executive directors and chief executive officers in the banking industry to a maximum of 12 years.
