BREAKING: Tony Elumelu to step down as UBA chairman, names successor

United Bank for Africa Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.

The decision was announced at the bank’s board meeting on Monday.

UBA also confirmed the appointment of current Non-Executive Director, Emmanuel Nnorom, as the incoming Group Chairman. His appointment will take effect on August 21, the same day Elumelu officially steps down.

In a statement issued after the meeting, the bank expressed appreciation for Elumelu’s leadership and contributions to its growth over the past 12 years.

“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 read.

The bank noted that under Elumelu’s chairmanship, UBA strengthened its pan-African expansion strategy, growing its footprint to 20 African countries while maintaining operations in four global financial centres.

According to the bank, UBA now serves more than 50 million customers across its international network.

Elumelu’s retirement comes as Nigerian banks continue to comply with the Central Bank of Nigeria’s corporate governance code, which limits the tenure of non-executive directors to 12 years in a bid to strengthen board independence and improve governance standards.