United Bank for Africa (UBA) Plc has announced a major leadership transition, with its Group Chairman, Tony Elumelu, set to retire from the Board of Directors on August 21 after completing the maximum tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance guidelines.
The bank disclosed on Monday that the retirement, alongside the appointment of Emmanuel Nnorom as the incoming Group Chairman, was approved during a meeting of its Board of Directors.
Nnorom, who joins the board as a Non-Executive Director, will officially assume the chairmanship on August 21.
The development was confirmed in a statement issued by UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo.
According to the bank, Elumelu’s exit complies with the Central Bank of Nigeria’s corporate governance regulations, which limit the tenure of non-executive directors in Nigerian banks to 12 years.
UBA paid glowing tribute to Elumelu, describing his stewardship as one of the most transformative periods in the institution’s history. The board praised his strategic vision and leadership, which it said significantly strengthened the bank’s position across Africa and beyond.
“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 expanded its footprint into one of Africa’s foremost financial institutions, with operations in 20 African countries and a presence in four global financial centres. Today, the bank serves more than 50 million customers across its markets.
Reflecting on his retirement, Elumelu described his years at UBA as one of the defining chapters of his professional life.
“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.
He also expressed confidence in his successor, saying Nnorom possesses the experience, integrity and sound judgement required to guide the institution through its next phase of growth.
“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” Elumelu added.
Responding to his appointment, Nnorom pledged to build on the bank’s achievements while sustaining its growth trajectory and commitment to delivering value for shareholders and customers.
“I am honoured by the trust the Board has placed in me and am deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.
UBA described Nnorom as a seasoned financial expert with more than four decades of experience spanning banking, finance and auditing. The bank said his extensive leadership background and deep knowledge of the institution make him well suited to lead the board as it pursues its long-term growth strategy.
Nnorom has served on the boards of several listed companies and brings more than 40 years of professional experience in financial services and audit.
A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), he is also an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN). He is an alumnus of Templeton College, Oxford.
The appointment marks a new chapter for UBA as one of Africa’s largest banking groups prepares for a change in board leadership while maintaining continuity in its strategic direction.
