United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
The bank also announced the appointment of Emmanuel N. Nnorom, a Non-Executive Director, as the new Group Chairman with effect from August 21, 2026.
UBA disclosed the development in a statement on Monday, saying its Board accepted Elumelu’s retirement at a meeting held on July 6, 2026, and elected Nnorom as his successor.
The bank said Elumelu’s retirement was in compliance with the CBN’s corporate governance requirement, which limits the tenure of non-executive directors of banks to 12 years.
Commenting on his retirement, Elumelu said serving UBA had been one of the greatest privileges of his career. “Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position, across Africa and globally, and 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.”
Responding to his appointment, Nnorom said he was committed to building on the institution’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 our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders.”
The Board commended Elumelu’s contributions to the bank during his tenure, describing his leadership as instrumental to the institution’s growth and strategic direction.
According to the bank, UBA expanded its footprint under Elumelu’s leadership into a pan-African banking group operating in 20 African countries as well as in the United Kingdom, the United States, France and the United Arab Emirates, serving more than 50 million customers.
The bank said Nnorom brings more than four decades of experience in banking, finance and audit to the position. A chartered accountant, he has served on UBA’s Board as a Non-Executive Director and is expected to provide continuity in the bank’s governance and strategic direction.
UBA is one of Africa’s largest banking groups, providing retail, commercial and institutional banking services across its markets. The bank employs about 25,000 people and serves over 50 million customers across Africa and its international operations.
