United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum tenure permitted for non-executive directors. The bank said the retirement is in compliance with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a 12-year […]
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United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum tenure permitted for non-executive directors.
The bank said the retirement is in compliance with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a 12-year tenure limit for non-executive directors.
UBA also announced the appointment of Emmanuel Nnorom, currently a non-executive director on the board, as the incoming Group Chairman. His appointment will take effect on August 21, 2026.
The bank commended Elumelu for his years of service, describing his leadership as instrumental to the institution’s transformation, strategic growth and long-term development.
According to UBA, Elumelu played a key role in expanding the bank’s operations to 20 African countries, establishing a presence in four international financial centres, and growing its customer base to more than 50 million.
The transition reflects the banking sector’s continued compliance with the Central Bank of Nigeria’s corporate governance framework aimed at strengthening board independence and enhancing corporate governance across financial institutions.
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