United Bank for Africa Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, following the completion of his maximum tenure as a non-executive director.
The bank disclosed this after its board meeting on Monday, stating that the retirement is in compliance with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors.
UBA also announced the appointment of current non-executive director, Emmanuel Nnorom, as the incoming Group Chairman. His appointment will take effect on August 21, the same day Elumelu officially steps down.
In a statement, the bank expressed appreciation to Elumelu for his leadership and contributions to the institution’s growth.
“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 read.
According to the bank, UBA expanded its pan-African footprint under Elumelu’s chairmanship and now operates in 20 African countries, in addition to maintaining operations in four global financial centres.
The bank said it currently serves more than 50 million customers across its network.
Elumelu’s retirement comes as Nigerian banks continue to comply with the Central Bank of Nigeria’s corporate governance framework aimed at strengthening board independence and governance standards.
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