United Bank for Africa (UBA) 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 following a board meeting, noting that the decision aligns with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors.

UBA also confirmed the appointment of Emmanuel Nnorom, a current non-executive director on the board, as the incoming Group Chairman. His appointment will take effect on the same date as Elumelu’s retirement.

In a statement issued after the meeting, the bank commended Elumelu for his leadership and contributions to the institution’s growth.

“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.

“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres. The bank currently serves more than 50 million customers across its network,” the statement read.

The bank added that Elumelu’s retirement comes as Nigerian banks continue to comply with regulatory requirements aimed at strengthening board independence and governance standards.

Reacting to the development, Elumelu, in a Facebook post titled “Celebrating an African Institution: My Farewell from UBA,” reflected on his years of service and the bank’s growth trajectory.

“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny, waiting to be transformed, waiting to be believed in.

“Africa does not have a shortage of brilliant women and men. Africa suffers a shortage of institutions that outlast brilliant women and men. Today is a day of huge excitement, of potential delivered and continued opportunity.

 

Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter,” he wrote.

Elumelu stated that he would conclude his tenure as Chairman on August 21, 2026, after twelve years, expressing gratitude, pride, and optimism for the future of the institution.

He emphasised that his vision was to build a bank that connects Africa to itself and the world while creating an institution that would outlive individuals.

“Today, that vision is reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally, while being deeply committed to our continent’s development,” he added.

Elumelu also acknowledged the contributions of staff, management, directors, customers, regulators, shareholders, and partners to the bank’s success.

He welcomed his successor, Emmanuel Nnorom, expressing confidence in his experience, leadership, and deep understanding of the institution, while urging stakeholders to extend to him the same trust and support.