United Bank for Africa, UBA, Plc has announced that its Group Chairman , Tony Elumelu is set to retire from the bank’s Board of Directors on August 21, 2026.
The pan-African bank announced Elumelu’s retirement in a statement on Monday.
The financial institution further noted that Elumelu’s exit comes following the completion of the maximum 12-year tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance regulations.
The bank further confirmed that current Non-Executive Director Emmanuel Nnorom has been appointed incoming Group Chairman, effective August 21, the same day Elumelu officially steps down from the board.
In a statement issued after the meeting, the bank said, “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.“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.
In a statement issued after the meeting, the bank said, “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.“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 bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”
Commenting on his retirement, Elumelu said serving as chairman of UBA has been “one of the great privileges” of his career.
Backstory…
In July 2023, the CBN authorized a new corporate governance rule stipulating that a bank’s managing director or chief executive officer (CEO) may serve for a maximum of 12 years.
Tony Elumelu has chaired United Bank for Africa (UBA) for more than a decade, overseeing one of the bank’s most significant periods of expansion across Africa, Europe and the Middle East.
In recent years, however, Nigeria’s banking sector has undergone sweeping regulatory reforms following the Central Bank of Nigeria’s directive requiring commercial banks to significantly increase their minimum capital base by 2026.
Meanwhile, this development comes after the billionaire businessman sparked reactions after opening up on the real secrets behind his wealth
