United Bank for Africa Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum tenure allowed for non-executive directors under the Central Bank of Nigeria corporate governance guidelines.
The announcement was made in a statement issued after the bank’s board meeting on Monday, where the financial institution confirmed that Elumelu would conclude his 12-year tenure as chairman in compliance with regulatory requirements.
UBA also announced the appointment of Emmanuel Nnorom, a current non-executive director on its board, as the incoming Group Chairman. His appointment will take effect on August 21, the same day Elumelu officially leaves office.
Paying tribute to the outgoing chairman, the board commended his leadership and contributions to the bank’s transformation over the past decade.
“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,” the statement read.
The bank noted that under Elumelu’s leadership, UBA significantly expanded its footprint across the African continent, strengthening its position as one of the continent’s leading financial institutions.
According to the statement, the bank currently operates in 20 African countries in addition to maintaining operations in four international financial centres, serving more than 50 million customers across its global network.
During Elumelu’s tenure as chairman, UBA also experienced substantial financial growth. The bank’s balance sheet expanded by more than tenfold, reflecting sustained business growth and increased market presence.
Available financial data show that UBA’s total assets rose from N2.76 trillion in 2014, when Elumelu assumed the chairmanship, to N33.13 trillion as of the first quarter of 2026, representing an increase of more than 1,100 per cent.
The bank attributed the growth to its pan-African expansion strategy, stronger balance sheet, broader customer base and continued focus on strengthening its operations across key markets.
Elumelu’s retirement comes as Nigerian banks continue to implement the Central Bank’s corporate governance framework, which limits the tenure of non-executive directors to 12 years in a bid to promote board independence and strengthen governance standards across the banking industry.
