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 12-year tenure for non-executive directors stipulated by the Central Bank of Nigeria (CBN).
The decision was announced at the bank’s board meeting held on Monday, with UBA confirming that current non-executive director Emmanuel Nnorom will succeed Elumelu as Group Chairman. His appointment will take effect immediately after Elumelu’s retirement.
In a statement issued following the meeting, the bank commended Elumelu for his outstanding leadership and significant contributions to the institution’s growth over the past 12 years.
UBA noted that under Elumelu’s chairmanship, the bank strengthened its pan-African expansion, growing its presence to 20 African countries while maintaining operations in four major global financial centres. The bank also said it now serves more than 50 million customers across its international network.
According to the bank, Elumelu’s retirement is in line with the CBN’s corporate governance regulations, which limit the tenure of non-executive directors to 12 years in a bid to promote board independence and stronger governance practices.
Reacting to the announcement, Elumelu described his departure as the conclusion of a remarkable journey with an institution he believes has become a globally competitive African bank.
In a farewell message posted on his Facebook page, titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu expressed gratitude for the opportunity to lead the financial institution and reflected on its transformation over the years.
He said his vision had always been to build an institution that would connect Africa with the rest of the world while creating a legacy capable of outlasting individuals.
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Elumelu stated that UBA’s growth into a banking group operating across 20 African countries and four continents, serving over 50 million customers, demonstrates that African institutions can successfully compete on the global stage while remaining committed to the continent’s development.
He attributed the bank’s achievements to the dedication of its employees, management team, board members, customers, shareholders, regulators and business partners who supported its vision.
The outgoing chairman also expressed confidence in his successor, Emmanuel Nnorom, describing him as an experienced leader with a deep understanding of the bank’s operations.
He urged shareholders, customers, partners and members of the UBA family to extend the same level of trust and support to Nnorom as they had shown him throughout his tenure.