The announcement was made on Monday following a meeting of the bank’s Board of Directors. According to United Bank for Africa Plc (UBA), Elumelu’s retirement follows the completion of the maximum 12-year tenure permitted for non-executive directors under the Central Bank of Nigeria (CBN) regulations.
As part of the leadership transition, the board approved the appointment of Emmanuel Nnorom, a current non-executive director, as the new Group Chairman. His appointment will take effect on the same day Elumelu officially retires.
In a statement issued after the meeting, UBA praised Elumelu for his outstanding leadership and contributions to the growth of the financial institution.
“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 statement said.
During his tenure as chairman, Elumelu played a key role in driving UBA’s pan-African expansion strategy. Today, the bank operates in 20 African countries and has established offices in four major global financial centres, serving more than 50 million customers across its network.
The Tony Elumelu retires UBA announcement comes as Nigerian banks continue to strengthen their corporate governance structures in compliance with CBN regulations designed to improve board independence, accountability and transparency.
The Central Bank’s corporate governance code limits the tenure of non-executive directors to a maximum of 12 years, a policy introduced to encourage fresh leadership and enhance oversight within financial institutions.
With Emmanuel Nnorom set to assume the role of Group Chairman, UBA is expected to continue building on its strong presence across Africa while pursuing its long-term growth strategy.
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