United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026.
The bank said the retirement follows the completion of the 12-year tenure limit for non-executive directors of banks as prescribed by the Central Bank of Nigeria (CBN).
The announcement was contained in a statement issued on Monday by UBA and signed by the bank’s Group Head of Marketing and Corporate Communications, Alero Ladipo.
According to the statement, the Board of Directors accepted Elumelu’s retirement at its meeting held on July 6, 2026, and appointed Non-Executive Director Emmanuel Nnorom as the new Group Chairman, effective August 21, 2026.
The board commended Elumelu for his visionary leadership and significant contributions to the growth and institutional strength of the UBA Group.
During his tenure, Elumelu oversaw the transformation of UBA into a pan-African financial institution operating in 20 African countries and four global financial centres, serving more than 50 million customers.
The bank described his leadership as a defining chapter in its history.
Nnorom, a chartered accountant with more than 40 years of experience in banking, finance, and audit, brings extensive leadership experience and deep institutional knowledge to the role.
Speaking on his retirement, Elumelu expressed confidence in the future of the bank.
“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the board with great confidence in UBA’s future. Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the bank will continue to thrive under his leadership,” he said.
Reacting to his appointment, Nnorom thanked the board for the confidence reposed in him.
“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 our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.
United Bank for Africa Plc, widely known as Africa’s Global Bank, operates in 20 African countries and maintains a presence in the United Kingdom, the United States, France, and the United Arab Emirates.
The bank provides retail, commercial, and institutional banking services and continues to promote financial inclusion through technology-driven solutions.
UBA employs about 25,000 people across its operations and has grown into one of Africa’s largest financial institutions since its establishment in 1949.
Meanwhile, shares of UBA closed higher on Monday, gaining N1.40 or 3.41 per cent to close at N42.40, up from N41.00 at the start of trading.
A total of 13.768 million shares valued at N577.82 million were traded in 1,566 deals during the day’s trading session.
