United Bank for Africa, (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will step down from the bank’s Board of Directors on August 21, 2026, after completing the maximum tenure permitted under the Central Bank of Nigeria’s corporate governance regulations.
The decision was announced on Monday following a meeting of the bank’s board, which also approved the appointment of current non-executive director Emmanuel Nnorom as the new Group Chairman.
According to the bank, Nnorom’s appointment will take effect on August 21, the same date Elumelu officially retires from the board.
In a statement, UBA said Elumelu’s departure follows the completion of the 12-year tenure limit prescribed for non-executive directors under the CBN’s corporate governance framework.
The board commended Elumelu for his leadership and contributions to the institution’s growth, describing his tenure as transformational.
It noted that under his chairmanship, UBA strengthened its pan-African expansion strategy, extending its footprint to 20 African countries while maintaining operations in four international financial centres.
The bank also highlighted its growth in customer base, saying it now serves more than 50 million customers across its network.
UBA added that the leadership transition reflects ongoing efforts by Nigerian banks to comply with the Central Bank’s corporate governance guidelines aimed at promoting board independence, accountability and stronger governance standards.