BREAKING: Tony Elumelu to step down as UBA chairman, successor announced

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.

The announcement was made on Monday following a meeting of the bank’s board.

UBA explained that Elumelu’s exit follows the completion of the maximum 12-year tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance regulations.

The bank also confirmed that Emmanuel Nnorom, who currently serves as a non-executive director, has been appointed as the incoming Group Chairman. His appointment will take effect on August 21, the same day Elumelu officially leaves the board.

In a statement issued after the meeting, the bank said, “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.

“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.

“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”