Tony Elumelu set to relinquish UBA chairmanship role, with Nnorom tapped to take the reins

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LAGOS — United Bank for Africa (UBA) Plc has announced that its Chairman, Tony Elumelu, will retire on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).

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The bank disclosed the development in a statement on Monday, stating that its Board of Directors accepted Elumelu’s retirement at a meeting held on July 6.

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UBA also announced the appointment of Mr. Emmanuel Nnorom, a non-executive director on the board, as the new Chairman, with effect from August 21.

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The bank said Elumelu’s retirement marks the end of a leadership period during which UBA strengthened its position as a leading pan-African financial institution, expanding its operations across Africa and into international markets.

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Reflecting on his tenure, Elumelu described his time as chairman as one of the greatest privileges of his professional career.

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“UBA has established a unique competitive position across Africa and globally, and I leave the board with great confidence in the bank’s future,” he said.

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He expressed confidence in his successor, describing Nnorom as a leader with integrity, experience and sound judgment.

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“I am confident that the bank will continue to thrive under his leadership,” Elumelu added.

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Responding to his appointment, Nnorom thanked the board for the confidence reposed in him and pledged to build on the bank’s achievements.

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“I am honoured by the trust the board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the board, management and staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” he said.

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According to the bank, Nnorom is a chartered accountant with more than 40 years of experience in banking, finance and auditing. He has served as a non-executive director of UBA and previously held senior executive positions in the financial services sector.

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The retirement comes in line with the Central Bank of Nigeria’s revised Code of Corporate Governance for banks and financial holding companies, introduced in July 2023, which prescribes a maximum tenure of 12 years for non-executive directors and chief executive officers in the banking industry.

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