United Bank for Africa 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 for non-executive directors.
The Punch reported that the decision was reached at the bank’s board meeting held on Monday, in line with the Central Bank of Nigeria corporate governance guidelines, which limit the tenure of non-executive directors to 12 years.
UBA also confirmed the appointment of current non-executive director Emmanuel Nnorom as the incoming Group Chairman. His appointment will take effect on the same day Elumelu officially retires from the board.
In a statement issued 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.
“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. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”
