By BONIFACE AKARAH

United Bank for Africa has announced the retirement of its Group Chairman, Tony O. Elumelu, with effect from August 21, 2026, following the completion of the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria.

The bank also announced the appointment of Emmanuel N. Nnorom as the incoming Group Chairman.

The decision was taken at the bank's Board meeting held on July 6, where directors accepted Elumelu's retirement and elected Nnorom as his successor.

The Board commended Elumelu for what it described as his transformative leadership and enduring contributions to the growth of the banking group.

"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 statement said.

According to the bank, Elumelu's tenure marked a defining period in UBA's history, during which the institution expanded into a leading pan-African financial group operating in 20 African countries and four global financial centres while growing its customer base to more than 50 million.

Reacting to his retirement, Elumelu described serving the bank as one of the greatest privileges of his professional career.

"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," Elumelu said.

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."

The incoming chairman, Nnorom, expressed gratitude to the Board for the confidence reposed in him and pledged to build on the bank's achievements.

"I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit," Nnorom said.

"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."

UBA said Nnorom, a chartered accountant, brings more than four decades of experience in banking, finance and auditing, as well as extensive leadership experience and deep institutional knowledge of the bank.

The financial institution noted that it currently operates across 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates, employing about 25,000 people and serving more than 50 million customers globally.

•PHOTO, L-R: GMD/CEO, Oliver Alawuba; Outgoing Group Chairman, Tony O. Elumelu, CFR; Incoming Group Chairman, Emmanuel Nnorom