United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors as stipulated by the Central Bank of Nigeria (CBN).

The bank disclosed the development after its board meeting on Monday, naming current Non-Executive Director Emmanuel Nnorom as the incoming Group Chairman. His appointment will take effect on the same day Elumelu retires, subject to regulatory approvals where applicable.

In a statement, UBA commended Elumelu for his leadership and contributions to the bank’s growth.

The bank noted that under his chairmanship, UBA expanded its pan-African footprint to operations in 20 African countries and four global financial centres, serving more than 50 million customers.

It added that the leadership transition aligns with the CBN’s corporate governance guidelines aimed at strengthening board independence by limiting the tenure of non-executive directors.

Reacting to the announcement, Elumelu described his departure as the close of a significant chapter in his career, expressing pride in the institution’s transformation.

“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny,” he wrote in a farewell message posted on Facebook.

He said the vision behind UBA was to build an African institution capable of competing globally while driving the continent’s development.

According to him, the bank’s growth into a leading financial institution serving millions of customers across Africa and beyond reflects the collective efforts of its staff, management, shareholders, regulators and customers.

Elumelu also welcomed Nnorom as his successor, expressing confidence in his leadership and urging stakeholders to support him as UBA begins a new chapter.