By Peace Udugba
United Bank for Africa Plc (UBA) has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum tenure permitted for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The announcement was made in a statement issued following the bank’s Board meeting on Monday. UBA said Elumelu would conclude his 12-year tenure as chairman in compliance with the apex bank’s regulatory requirements.
The bank also announced the appointment of Emmanuel Nnorom, a current non-executive director on its board, as the incoming Group Chairman.
His appointment will take effect on August 21, 2026, the same day Elumelu officially steps down.
Paying tribute to the outgoing chairman, the Board praised Elumelu’s leadership and his role in transforming the bank over the past decade.
“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.
The bank noted that under Elumelu’s leadership, UBA significantly expanded its presence across Africa, strengthening its position as one of the continent’s leading financial institutions.
According to the bank, UBA currently operates in 20 African countries and four international financial centres, serving more than 50 million customers through its global network.
During his tenure, the bank also recorded remarkable financial growth.
UBA’s balance sheet expanded by more than tenfold, with total assets increasing from N2.76 trillion in 2014, when Elumelu assumed the chairmanship, to N33.13 trillion as of the first quarter of 2026—an increase of more than 1,100 per cent.
The bank attributed the growth to its pan-African expansion strategy, stronger balance sheet, expanding customer base and sustained efforts to strengthen operations across key markets.
Elumelu’s retirement comes as Nigerian banks continue to implement the Central Bank of Nigeria’s corporate governance framework, which limits the tenure of non-executive directors to 12 years to promote board independence and strengthen governance standards across the banking sector.
