United Bank for Africa 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 during its board meeting, asserting that the process was necessary after the completion of the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria.
The financial institution also named a current non-executive director on the board, Emmanuel Nnorom, as its incoming group chairman, whose appointment will take effect on the same day Elumelu retires.
In a statement released 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.”
Reacting, Elumelu on his Facebook acknowledged his years of service as the chairman of an “African institution that can compete globally, while being deeply committed to our continent’s development.”
In the post titled, “Celebrating an African Institution: My Farewell from UBA,” he said, “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 maintained that his objective of building the bank was to connect Africa to itself and the world and to build something that would outlive individuals.
Elumelu continued, “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.
