Tony Elumelu to Step Down as UBA Group Chairman After 12 Years, Emmanuel Nnorom Named Successor
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 tenure permitted under the Central Bank of Nigeria (CBN) corporate governance guidelines.
The decision was announced on Monday following a meeting of the bank’s Board of Directors.
According to UBA, Elumelu’s retirement comes after serving the maximum 12-year tenure allowed for non-executive directors under the CBN’s corporate governance regulations, which are designed to promote board independence and strengthen institutional governance.
The bank also announced the appointment of Emmanuel Nnorom, currently a non-executive director, as the new Group Chairman. His appointment will take effect on August 21, 2026, the same day Elumelu officially steps down from the board.
In a statement issued after the board meeting, UBA expressed deep appreciation for Elumelu’s leadership and contributions to the institution’s growth.
“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,” the statement read.
Under Elumelu’s leadership as Chairman, UBA expanded its pan-African footprint, growing its presence to 20 African countries while establishing operations in four global financial centres. The bank now serves more than 50 million customers across its network.
His retirement comes as Nigerian banks continue to implement the CBN’s corporate governance framework, which limits the tenure of non-executive directors to 12 years as part of efforts to enhance transparency, accountability, and effective corporate governance within the banking sector.
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