Tony Elumelu to Retire as UBA Group Chairman in August

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, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).

The decision was announced following the bank’s board meeting held on Monday.

UBA also named current Non-Executive Director, Emmanuel Nnorom, as the incoming Group Chairman. His appointment will take effect on the same date Elumelu retires.

In a statement issued after the meeting, the Board commended Elumelu for his outstanding leadership and significant contributions to the growth and transformation of the bank.

According to the statement, UBA expanded its operations to 20 African countries and established a presence in four global financial centres under his leadership, while growing its customer base to more than 50 million.

The bank noted that the transition aligns with the CBN’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors to promote board independence and strengthen governance standards.

Further details are expected.