Tony Elumelu will retire as Group Chairman of United Bank for Africa (UBA) Plc on August 21, having completed the 12-year tenure limit set by the Central Bank of Nigeria (CBN) for non-executive directors of banks.

The bank’s board, at a meeting held yesterday, accepted Elumelu’s retirement and elected Emmanuel Nnorom, a non-executive director of the bank, as his successor.

Nnorom’s appointment takes effect on the same date Elumelu exits the board.
In a statement announcing the transition, the board commended Elumelu for his leadership and contribution to UBA’s strategic direction and institutional growth over the years.

It described his tenure as a defining period in the bank’s history, during which UBA grew into a pan-African institution with a presence in 20 African countries and four global financial centres, serving more than 50 million customers.

Speaking on his retirement, Elumelu said serving UBA had been one of the highlights of his career, noting that the bank had built a strong competitive position across Africa and globally. He expressed confidence in Nnorom’s ability to sustain the bank’s growth, describing his successor as a leader of integrity, experience and sound judgment.

Nnorom, a chartered accountant, brings over 40 years of experience in banking, finance and audit to the role, along with what the board described as extensive leadership experience and deep institutional knowledge of UBA.

Responding to his appointment, he said he was honoured by the board’s confidence in him and aware of the legacy he was inheriting. He said he looked forward to working with the board, management and staff across UBA’s markets to sustain the bank’s momentum and continue delivering value to shareholders, customers and other stakeholders.