United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors, effective 21 August, after serving since 2014. The bank also appointed Emmanuel Nnorom as a Non-Executive Director and incoming Group Chairman, effective the same date.
Leadership Transition Approved at Board Meeting
The Group Head of Marketing and Corporate Communications, Alero Ladipo, confirmed the change in a statement on Monday. The transition was approved at the bank's board meeting held that day. UBA stated that Elumelu's retirement aligns with the Central Bank of Nigeria's (CBN) corporate governance guidelines, which limit non-executive directors of banks to a maximum tenure of 12 years.
The board commended Elumelu's leadership, describing his tenure as one of the most transformative periods in the bank's history. “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 read.
Transformative Decade Under Elumelu
The lender noted that under Elumelu's guidance, UBA evolved into one of Africa's leading financial institutions, operating in 20 African countries and four global financial centres, serving over 50 million customers. Elumelu described his time at UBA as a defining experience of his professional career and expressed confidence in the bank's future. “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.
Elumelu also praised his successor, describing Nnorom as a leader of integrity, experience, and sound judgement. “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.
Incoming Chairman's Commitment
In response, Nnorom expressed honour at the board's trust and pledged to build on UBA's achievements. “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.
Profile of Emmanuel Nnorom
Nnorom is a chartered accountant with over four decades of experience in banking, finance, and auditing. The bank stated that his extensive leadership experience and deep understanding of the institution position him well to lead the Board through its next phase of growth. He has over 40 years of work experience in financial services and audit, including significant board experience with listed companies. Nnorom is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN). He is also an alumnus of Templeton College, Oxford.
