United Bank for Africa (UBA) 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 permitted for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The decision was announced during the bank’s Board meeting on Monday. UBA explained that Elumelu’s exit follows the completion of the 12-year maximum tenure stipulated by the Central Bank of Nigeria for non-executive directors.
The bank also confirmed the appointment of Emmanuel Nnorom, a current non-executive director on the board, as the incoming Group Chairman. His appointment will take effect on the same day Elumelu officially steps down.
In a statement issued after the meeting, UBA praised Elumelu for his outstanding leadership and significant contributions to the growth and transformation of the financial institution.
“The Board expresses its deep appreciation to Tony Elumelu for his visionary leadership and remarkable contributions to the strategic direction and institutional development of the UBA Group.
“During his tenure as Chairman, UBA significantly expanded its pan-African footprint and now operates in 20 African countries, with additional operations in four major global financial centres.
“The bank currently serves over 50 million customers across its extensive network. His retirement is in line with the Central Bank of Nigeria’s corporate governance framework, which limits the tenure of non-executive directors to 12 years to strengthen board independence and enhance governance standards,” the statement noted.
Reacting to the announcement on his official Facebook page, Elumelu reflected on his years of service in a farewell message titled “Celebrating an African Institution: My Farewell from UBA.”
He described his time at the bank as an opportunity to help build an African financial institution capable of competing on the global stage while remaining committed to the continent’s development.
“I have never viewed Africa simply as a collection of borders. Where others saw 54 separate markets, I saw one continent with one destiny waiting to be transformed and believed in.
“Africa is not lacking in talented people. What the continent needs are enduring institutions that outlive individuals. Today is a moment of fulfilment and optimism. Leadership is not about remaining in office indefinitely but recognising when an institution is prepared for its next phase.
“I will conclude my tenure as Chairman of the Group Board of United Bank for Africa on August 21, 2026, after 12 years in the role and decades of association with this exceptional institution. I do so with deep gratitude, immense pride and great confidence in the future,” he wrote.
Elumelu explained that his vision had always been to build a financial institution that would connect Africa with itself and the rest of the world while creating a legacy that would endure beyond any individual.
According to him, that vision has now become a reality, with UBA serving more than 50 million customers, maintaining operations across 20 African countries and four international financial centres, while supporting trade, investment and economic development across the continent.
He credited the bank’s achievements to generations of committed employees, experienced management, visionary board members, loyal customers, regulators, shareholders and strategic partners who contributed to its growth.
Elumelu also welcomed Emmanuel Nnorom as his successor, expressing confidence in his leadership, experience and deep understanding of the institution. He urged shareholders, customers, business partners and members of the UBA family to extend to Nnorom the same trust and support they had given him throughout his tenure.
ADEOLA KUNLE
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