Tony Elumelu To Retire As UBA Chairman In August

The United Bank for Africa (UBA) Plc says Tony Elumelu, its chairman, will retire on August 21 after completing the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN).

The pan-African bank announced Elumelu’s retirement in a statement on Monday.

According to the bank, the board had accepted Elumelu’s retirement at a meeting held on July 6 and elected Emmanuel Nnorom, a non-executive director, as his successor with effect from August 21.

The statement said Elumelu’s retirement marks the end of a tenure during which UBA expanded its operations across Africa and other international markets.

Commenting on his retirement, Elumelu said serving as chairman of UBA has been “one of the great privileges” of his 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.

“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.”

Responding to his appointment, Nnorom said he was honoured by the board’s decision 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. 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 the statement, Nnorom is a chartered accountant with more than four decades of experience in banking, finance and audit.

He has served as a non-executive director of UBA and previously held senior executive positions in the financial services sector.

In July 2023, the CBN approved a new code of corporate governance, specifying that the tenure of a bank’s managing director or chief executive officer (CEO) can only last for a maximum of 12 years.

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