UBA Announces Tony Elumelu’s Retirement as Chairman, Appoints Nnorom

United Bank for Africa (UBA) Plc has announced that its Chairman, Tony Elumelu, will retire on August 21, 2026, after completing the maximum 12-year tenure allowed for non-executive directors under Central Bank of Nigeria regulations.

The bank disclosed this in a statement issued on Monday, noting that the Board of Directors accepted Elumelu’s retirement during its meeting held on July 6.

UBA also confirmed the appointment of Mr Emmanuel Nnorom, currently a non-executive director on the board, as the incoming Chairman effective August 21.

According to the bank, Elumelu’s tenure as chairman witnessed significant growth for UBA, including the expansion of its operations across Africa and into international markets, further strengthening its position as a leading pan-African financial institution.

Reflecting on his years of service, Elumelu described leading the bank as one of the greatest honours of his professional journey.

“UBA has established a unique competitive position across Africa and globally, and I leave the board with great confidence in the bank’s future,” he said.

He also expressed confidence in Nnorom’s ability to lead the institution successfully.

“I am confident that the bank will continue to thrive under his leadership,” Elumelu added.

Responding to his appointment, Nnorom thanked the board for the confidence placed in him and pledged to sustain the bank’s progress.

“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 staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” he stated.

UBA said Nnorom is a chartered accountant with more than 40 years of experience spanning banking, finance and auditing, and has previously occupied senior executive roles within the financial services sector.

The bank noted that Elumelu’s retirement complies with the Central Bank of Nigeria’s revised Code of Corporate Governance introduced in July 2023, which sets a 12-year tenure limit for non-executive directors and chief executives in the banking sector.

Version 2

UBA Announces Tony Elumelu’s Retirement as Chairman, Appoints Nnorom

United Bank for Africa (UBA) has confirmed that its Chairman, Tony Elumelu, will step down from the position on August 21, 2026, following the completion of his maximum tenure as a non-executive director.

The announcement was made in a statement released by the bank on Monday after a Board of Directors meeting held on July 6.

UBA also revealed that board member Emmanuel Nnorom has been appointed as the new chairman, effective from August 21.

The bank stated that Elumelu’s leadership period helped reinforce UBA’s standing as one of Africa’s leading financial institutions, with operations expanding across the continent and into global markets.

Speaking on his retirement, Elumelu said serving as chairman was among the most significant experiences of his career.

“UBA has established a unique competitive position across Africa and globally, and I leave the board with great confidence in the bank’s future,” he stated.

He also praised Nnorom’s leadership qualities and expressed optimism about the bank’s future direction.

“I am confident that the bank will continue to thrive under his leadership,” Elumelu said.

In his response, Nnorom thanked the board for entrusting him with the role and promised to build on the bank’s achievements.

“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 staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and stakeholders,” he said.

UBA described Nnorom as a chartered accountant with over four decades of experience in banking, finance and auditing, adding that he has previously served in top executive positions within the financial industry.

The retirement follows the revised corporate governance guidelines introduced by the Central Bank of Nigeria in July 2023, which stipulate a maximum tenure of 12 years for non-executive directors and CEOs in Nigerian banks.

Africans Angle News