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 permitted under the Central Bank of Nigeria corporate governance regulations. The decision was announced on Monday following a meeting of the bank's board.
According to UBA, Elumelu's departure comes after serving the maximum 12-year term allowed for non-executive directors under the CBN's corporate governance framework.
The bank also announced the appointment of Emmanuel Nnorom, currently a non-executive director, as the incoming Group Chairman. His appointment will take effect on August 21, coinciding with Elumelu's retirement from the board.
In a statement released after the board meeting, the bank said, “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 noted that “Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.”
It further highlighted that the bank now serves more than 50 million customers across its network, adding that Elumelu's retirement reflects the banking industry's compliance with the CBN's corporate governance requirements, which prescribe a maximum 12-year tenure for non-executive directors to promote board independence and strengthen governance standards.
