United Bank for Africa (UBA) Plc has announced that its Chairman, Tony Elumelu, will retire on August 21, 2026, after reaching the 12-year tenure limit for non-executive directors set by the Central Bank of Nigeria (CBN).
The bank disclosed on Monday that its Board of Directors accepted Elumelu’s retirement at a meeting held on July 6. It also confirmed the appointment of Emmanuel Nnorom, a current non-executive director, as the new chairman, effective the same date.
Elumelu’s exit marks the end of a tenure during which UBA expanded its footprint across Africa and strengthened its global presence.
Describing his time as chairman as a “great privilege,” Elumelu expressed confidence in the bank’s future and in his successor, whom he praised for his integrity and experience.
Nnorom, in his acceptance, thanked the board for the appointment and pledged to build on the bank’s achievements, working with management and staff to sustain growth and deliver long-term value.
A chartered accountant with over four decades of experience, Nnorom has held several senior roles in banking, finance, and auditing.
UBA said the transition aligns with the CBN’s 2023 corporate governance code, which caps the tenure of non-executive directors at 12 years.
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