United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on August 21, 2026, after completing the maximum tenure permitted under the Central Bank of Nigeria’s corporate governance regulations.

The decision was announced on Monday following a meeting of the bank’s Board of Directors.

UBA said Elumelu’s retirement follows the completion of the 12-year maximum tenure for non-executive directors, in line with the Central Bank of Nigeria’s corporate governance guidelines aimed at strengthening board independence and governance standards.

The bank also announced the appointment of Emmanuel Nnorom, currently a non-executive director, as the incoming Group Chairman. His appointment will take effect on August 21, the same day Elumelu officially steps down.

In a statement issued after the board meeting, UBA expressed appreciation for Elumelu’s leadership and contributions to the institution’s growth.

“The Board places on record its profound appreciation to Tony Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement read.

The bank noted that under Elumelu’s chairmanship, UBA significantly expanded its pan-African footprint and now operates in 20 African countries, in addition to maintaining a presence in four global financial centres.

According to the bank, UBA currently serves more than 50 million customers across its international network, with Elumelu’s tenure marked by sustained growth and strategic expansion.

If you want a more newspaper-style lead, a stronger opening headline would be: “Tony Elumelu to Retire as UBA Chairman After 12 Years, Nnorom to Take Over.”