Tony Elumelu. Credit: UBA
United Bank for Africa Plc has announced that its group chairman, Tony Elumelu, will retire from the board of directors on August 21, 2026.
The bank disclosed this on Monday during its board meeting, asserting that the process was necessary after the completion of the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria.
The financial institution also named a current non-executive director on the board, Emmanuel Nnorom, as its incoming group chairman, whose appointment will take effect on the same day Elumelu retires.
In a statement released shortly 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.
