LAGOS — United Bank for Africa (UBA) Plc has announced that its Chairman, Tony Elumelu, will retire on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).
The bank disclosed the development in a statement on Monday, stating that its Board of Directors accepted Elumelu’s retirement at a meeting held on July 6.
UBA also announced the appointment of Mr. Emmanuel Nnorom, a non-executive director on the board, as the new Chairman, with effect from August 21.
The bank said Elumelu’s retirement marks the end of a leadership period during which UBA strengthened its position as a leading pan-African financial institution, expanding its operations across Africa and into international markets.
Reflecting on his tenure, Elumelu described his time as chairman as one of the greatest privileges of his professional career.