United Bank for Africa (UBA) Plc has announced the retirement of its Group Chairman, Tony Elumelu, from the Board of Directors, bringing to a close a 12-year tenure during which he oversaw the bank’s expansion and strengthened its position as one of Africa’s leading financial institutions.
Elumelu, who has served as Group Chairman since 2014, will formally retire from the board on August 21, 2026, in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of commercial banks.
The bank also announced the appointment of Emmanuel Nnorom, a long-serving non-executive director and Chief Executive Officer of Heirs Holdings Group, as Elumelu’s successor, with his appointment taking effect on the same date to ensure a seamless leadership transition.
UBA said in a statement that both decisions were approved by its Board of Directors at a meeting held on Monday.
“This transition reflects our adherence to regulatory requirements and our dedication to sustaining strong leadership at UBA,” the board stated.
During his tenure, Elumelu spearheaded UBA’s expansion across Africa and international markets, reinforcing the bank’s position as one of the continent’s leading banking groups.
He has also been credited with driving innovation, strengthening corporate governance and delivering sustained growth across the bank’s operations.
With Nnorom assuming the role of Group Chairman, UBA is expected to build on Elumelu’s legacy while sustaining its strategic growth across Africa and other international markets.