United Bank for Africa Plc has announced that its Group Chairman, Tony Elumelu, will step down from the Board of Directors on August 21, 2026, in line with the Central Bank of Nigeria's corporate governance requirements.
The lender disclosed the development in a statement released after a meeting of its Board of Directors on Monday, noting that Elumelu had completed the maximum 12-year tenure allowed for non-executive directors under the CBN's regulations.
The board also approved the appointment of Emmanuel Nnorom, a current non-executive director, as the new Group Chairman. His appointment will take effect on August 21, immediately after Elumelu's retirement.
UBA commended Elumelu for his leadership, saying his tenure strengthened the bank's strategic direction and reinforced its position as one of Africa's leading financial institutions.
The bank said that under his chairmanship, it expanded its operations across 20 African countries while maintaining a presence in four international financial centres.
It added that UBA now serves more than 50 million customers across its network, attributing part of the institution's growth to the leadership provided during Elumelu's time as chairman.
The bank said the transition reflects its commitment to complying with the CBN's corporate governance code, which prescribes tenure limits for non-executive directors to promote stronger oversight, board independence and sound corporate governance.
0 Comments