…Nnorom to take over
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 prescribed by the Central Bank of Nigeria (CBN).
The pan-African lender also named Emmanuel N. Nnorom, currently a non-executive director on the board, as its incoming group chairman. His appointment will take effect on the same day Elumelu retires.
The leadership changes were approved at the bank’s board meeting held on July 6, according to a statement released by UBA on Monday.
Elumelu’s departure marks the end of a leadership era during which UBA expanded its footprint across Africa and strengthened its position as one of the continent’s leading financial institutions.
“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 bank said.
Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres. The bank currently serves more than 50 million customers across its network.
His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.
Commenting on his retirement, Elumelu described his years leading the board as one of the defining experiences of his career.
“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,” he said.
He expressed confidence in his successor, saying, “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.”
Nnorom, a chartered accountant with more than 40 years of experience spanning banking, finance and auditing, has served on UBA’s board as a non-executive director and is expected to steer the bank through its next phase of growth.
According to the lender, his extensive leadership experience and deep understanding of the institution make him well positioned to lead the board as UBA pursues its long-term strategic objectives.
Responding to his appointment, Nnorom pledged to build on the bank’s achievements and sustain its growth trajectory.
“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.
The transition will formally take effect on August 21, when Elumelu retires from the board, and Nnorom assumes the role of group chairman.
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