Group Chairman of United Bank for Africa (UBA), Tony Elumelu, will retire from the Board of the bank on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors stipulated by the Central Bank of Nigeria (CBN).
The announcement was made by the bank in a statement on Monday, following a meeting of its Board of Directors held on July 6.
The Board also approved the appointment of Emmanuel N. Nnorom, currently a Non-Executive Director of the bank, as the new Group Chairman with effect from August 21.
UBA said Elumelu's retirement was in line with the CBN's corporate governance requirements for banks and praised his leadership, describing his tenure as transformative for the institution.
According to the bank, Elumelu played a pivotal role in strengthening UBA's position as a leading pan-African financial institution, expanding its footprint to 20 African countries and four international financial centres while growing its customer base to more than 50 million.
The Board expressed appreciation for his contributions to the bank's strategic direction and institutional growth over the past 12 years.
Nnorom, who will assume the chairmanship next month, is a chartered accountant with more than 40 years of experience in banking, finance and auditing. The bank said his extensive leadership experience and deep knowledge of the institution position him well to lead the next phase of UBA's growth.
Reflecting on his retirement, Elumelu described serving as UBA's Group Chairman as one of the greatest honours of his professional career.
He expressed confidence in the bank's future, saying Nnorom possesses the integrity, experience and sound judgement required to build on UBA's achievements.
"I leave the Board with great confidence in UBA's future. Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the Bank will continue to thrive under his leadership," Elumelu said.
In his remarks, Nnorom thanked the Board for entrusting him with the responsibility of leading the institution.
He pledged to work closely with fellow directors, management and employees across the bank's operations to sustain its growth, strengthen its market position and continue delivering long-term value to shareholders, customers and other stakeholders.
UBA operates in 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates. The bank employs about 25,000 people and serves more than 50 million customers across its markets.
Leave a Reply