Tony Elumelu retires as Chairman of UBA Group

\Tony Elumelu, the Chairman of UBA Group, is to retire from the Board of Directors of the bank on August 21, 2026.

The bank has appointed Emmanuel Nnorom as a Non-Executive Director to replace him effective from August 21, 2026.

Alero Ladipo, the Group Head of Marketing and Corporate Communications in the bank, said this in a statement on Monday.

The statement said his retirement was approved at the bank’s board on Monday and is in line with the corporate governance guidelines of the Central Bank of Nigeria which set a maximum tenure of 12 years for non-executive directors of banks.

The board commended Elumelu for his visionary leadership and contribution to strategic vision of the bank.
“The Board places on record its profound appreciation to Mr Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.

“UBA was transformed into a pan-African institution, operating in 20 African countries and four global financial centres and serving over 50 million customers,” the board said.

Responding, Elumelu described his time at UBA as one of the defining experiences of his professional career and expressed confidence in the bank’s future.

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.

Elumelu expressed confidence in Nnorom, describing him as a leader of integrity and experience.

“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,” he said.