United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s board on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).
Gatekeepers News reports that the decision was approved during the bank’s board meeting held on Monday, July 6. Following Elumelu’s exit, the board elected Emmanuel Nnorom, who currently serves as a non-executive director, to succeed him as Group Chairman with effect from August 21.
UBA described Elumelu’s tenure as a period of significant growth, during which the financial institution strengthened its footprint across Africa and expanded into key international markets, reinforcing its position as one of the continent’s leading banking groups.
Reacting to the announcement, Elumelu said serving as Chairman of UBA had been one of the greatest honours of his professional career. He expressed confidence in the bank’s future, stating that UBA had built a strong competitive position both within Africa and globally. He also described Nnorom as a leader with integrity, experience and sound judgment, expressing optimism that the bank would continue to thrive under his leadership.
Elumelu’s retirement from UBA comes weeks after he was named incoming Chairman of Seplat Energy, a position he is expected to assume on January 1, 2027, following the retirement of the company’s current chairman.
