United Bank for Africa (UBA) Plc has announced the upcoming retirement of its Chairman, Tony Elumelu, effective August 21, 2026. This transition follows the completion of Elumelu’s maximum 12-year tenure for non-executive directors, in strict compliance with the Central Bank of Nigeria’s (CBN) corporate governance guidelines.

The bank’s Board of Directors officially accepted the retirement during a meeting on July 6, subsequently appointing non-executive director Emmanuel Nnorom as the incoming Chairman.

Key Details of the Leadership Transition

• Effective Date: August 21, 2026.

• Outgoing Leadership: Tony Elumelu concludes a transformative tenure marked by UBA’s significant expansion across Africa and international financial markets, cementing its status as a premier pan-African institution.

• Incoming Leadership: Emmanuel Nnorom brings over four decades of expertise in banking, finance, and auditing. A chartered accountant by profession, Nnorom has previously held senior executive roles within the financial services sector alongside his tenure as a non-executive director at UBA.

Regulatory Alignment

The leadership change directly aligns with the CBN’s revised Code of Corporate Governance introduced in July 2023. The regulation mandates a strict 12-year tenure limit for both chief executive officers and non-executive directors within the Nigerian banking sector to promote institutional sustainability and robust governance practices.

Both the outgoing and incoming chairmen expressed mutual confidence in the institution's strategic direction, emphasizing a shared commitment to maintaining UBA's market momentum and delivering long-term value to global shareholders and stakeholders.