Tony Elumelu to step down as UBA chairman, successor announced

United Bank for Africa, UBA, Plc has announced that its Group Chairman, Tony Elumelu, volition discontinue from the bank’s Board of Directors on August 21, 2026.

The announcement was made on Monday following a gathering of the bank’s board.

UBA explained that Elumelu’s exit follows the completion of the maximum 12-year tenure allowed for non-executive directors nether the Central Bank of Nigeria’s firm governance regulations.

The slope besides confirmed that Emmanuel Nnorom, who presently serves arsenic a non-executive director, has been appointed arsenic the incoming Group Chairman. His assignment volition instrumentality effect on August 21, the aforesaid time Elumelu officially leaves the board.

In a connection issued aft the meeting, the slope said, “The Board places connected grounds its profound appreciation to Elumelu for his visionary enactment and exceptional publication to the strategical imaginativeness and organization spot of the UBA Group.

“Under his chairmanship, UBA deepened its pan-African enlargement strategy and present operates successful 20 African countries, alongside operations successful 4 planetary fiscal centres.

“The slope presently serves much than 50 cardinal customers crossed its network. His status comes arsenic Nigerian banks proceed to align with the CBN’s firm governance guidelines, which enforce a maximum tenure of 12 years for non-executive directors to fortify committee independ...