United Bank for Africa Plc has announced that group chairman Tony Elumelu will retire from the board on August 21, in line with Central Bank of Nigeria tenure rules for non-executive directors.
The bank named long-serving non-executive director Emmanuel Nnorom as the incoming chairman, with the appointment taking effect on the same date. The decision was disclosed after a board meeting on Monday.
In a statement, UBA expressed appreciation for Elumelu’s leadership. “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,” it said.
Under his tenure, the bank expanded across Africa and globally. “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 statement noted. The bank now serves more than 50 million customers.
Elumelu welcomed the transition in a Facebook post, expressing optimism for UBA’s future and urging support for Nnorom. The move aligns with CBN guidelines aimed at strengthening governance.
