United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony O. Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the 12-year tenure limit for non-executive directors.
The bank also announced the appointment of Emmanuel N. Nnorom, a Non-Executive Director on the board, as the incoming Group Chairman. His appointment will take effect from August 21, 2026.
The developments were disclosed in a statement issued by the bank on Monday. According to the bank, the decision was approved at its board meeting on July 6, 2026.
According to UBA, Elumelu’s retirement is in compliance with the Central Bank of Nigeria (CBN’s) corporate governance guidelines, which prescribe a maximum 12-year tenure for non-executive directors of banks.
The Board expressed appreciation for his leadership, describing his tenure as one of the most transformative periods in the bank’s history.
Commenting on his retirement, Elumelu described his time at UBA as one of the defining experiences of his professional career.
The incoming chairman, Emmanuel Nnorom, is a chartered accountant with more than four decades of experience in banking, finance, and auditing.
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