United Bank for Africa (UBA) Plc has announced that its Chairman, Tony Elumelu, will step down on August 21 after reaching the maximum tenure allowed for non-executive directors under the Central Bank of Nigeria’s corporate governance rules.
The pan-African financial institution disclosed the development in a statement issued on Monday, stating that the board approved Elumelu’s retirement during its meeting held on July 6.
UBA also confirmed the appointment of Emmanuel Nnorom, currently a non-executive director, as the new chairman. His appointment will take effect from August 21.
The bank noted that Elumelu’s tenure saw UBA strengthen its presence across Africa while expanding into international markets.
Reflecting on his time as chairman, Elumelu described the role as one of the most rewarding experiences of his professional life.
“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.
Expressing confidence in the incoming chairman, he added:
“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.”
Reacting to his appointment, Nnorom thanked the board for the confidence reposed in him and pledged to continue advancing the bank’s growth.
“I am honoured by the trust the board has placed in me and 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.
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UBA said Nnorom is a chartered accountant with more than 40 years of experience spanning banking, finance and auditing. Before joining the bank’s board as a non-executive director, he occupied several senior leadership roles within the financial services industry.
The retirement follows the implementation of the Central Bank of Nigeria’s revised Code of Corporate Governance introduced in July 2023, which limits the tenure of bank chief executives and non-executive directors, including a maximum of 12 years for top leadership positions.