One of the biggest leadership changes in Nigeria’s banking sector is set to take effect as United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21.
The retirement comes after more than a decade of serving on the bank’s board.
Moreover, the transition follows the Central Bank of Nigeria’s corporate governance guidelines, which limit the tenure of non-executive directors to 12 years.
UBA also confirmed that Emmanuel Nnorom has been appointed as a Non-Executive Director and the incoming Group Chairman.
His appointment will also take effect on August 21, following approval by the bank’s board during its meeting on Monday.
The announcement was confirmed in a statement released by UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo.
According to the bank, the leadership change forms part of its commitment to strong corporate governance and institutional continuity.
Furthermore, UBA described Elumelu’s tenure as one of the most successful periods in the bank’s history.
During his leadership, the bank expanded beyond Nigeria and strengthened its presence across Africa and key international markets.
Today, UBA operates in 20 African countries and four major global financial centres.
In addition, the bank now serves more than 50 million customers across its network.
The board praised Elumelu’s contributions and acknowledged the role he played in shaping the institution’s growth.
“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.”
The bank further noted:
“UBA was transformed into a pan-African institution, operating in 20 African countries and four global financial centres and serving over 50 million customers.”
Meanwhile, Elumelu described his years at the bank as one of the defining moments of his professional journey.
He expressed confidence that UBA would continue to grow under its new leadership.
“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.
He also expressed strong support for his successor.
“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,” Elumelu added.
Nnorom welcomed his appointment with gratitude and pledged to continue building on the bank’s achievements.
He promised to work closely with the board, management, and employees across all markets.
“I am honoured by the trust the Board has placed in me and am deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.
According to UBA, Nnorom brings more than four decades of experience in banking, finance, and auditing.
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).
He is also an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN).
Furthermore, he studied at Templeton College, Oxford, and has served on the boards of several listed companies.
The bank believes his experience will help guide UBA through its next phase of growth.
Therefore, the transition is expected to provide stability while maintaining the institution’s long-term strategy.
