Tony Elumelu has resigned as the group chairman from the board of directors of the United Bank for Africa (UBA) Plc.
The bank disclosed this in a statement on Monday, noting that its Board of Directors, at a meeting held on July 6, accepted Elumelu’s retirement letter.
It said the board had appointed Non-Executive Director Emmanuel Nnorom to succeed Elumelu, with effect from August 21, 2026.
Elumelu’s retirement comes after completing the maximum 12-year tenure prescribed by the Central Bank of Nigeria (CBN) for non-executive directors of banks.
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According to the bank, the board expressed appreciation to Elumelu for his leadership and contribution to the bank’s growth over the years.
“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the growth, transformation, and institutional strength of the UBA Group,” UBA said.
It described Nnorom as a chartered accountant with more than 40 years of experience in banking, finance, and audit, adding that he brings extensive leadership experience and deep institutional knowledge of the bank to his new role.
Commenting on his retirement, Elumelu said: “Serving United Bank for Africa has been one of the great privileges of my career. UBA has a unique competitive position across Africa and globally, and I leave the board with great confidence in UBA’s future.
“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the bank will continue to thrive under his leadership.”
Responding to his appointment, Nnorom said, “I am honored by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the board, management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders.”
The leadership transition will take effect on August 21, 2026, UBA added.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X