Tony Elumelu To Retire As UBA Chairman, Emmanuel Nnorom Named Successor

Tony Elumelu will retire as chairman of United Bank for Africa on August 21, with Emmanuel Nnorom set to take over the board leadership of one of Nigeria’s biggest banking groups.

UBA announced the change after a board meeting on Monday, saying Elumelu is leaving after completing the maximum 12-year tenure allowed for non-executive directors under Central Bank of Nigeria corporate governance rules.

Nnorom, currently a non-executive director of UBA, will become chairman from the same date. The bank described him as an experienced finance and audit professional, with more than four decades in banking, auditing and corporate leadership.

The board credited Elumelu with helping to deepen UBA’s pan-African expansion. Reports on the announcement said the bank now operates in 20 African countries, has a presence in four global financial centres and serves more than 50 million customers.

Elumelu said UBA had built a strong competitive position across Africa and globally. Nnorom said he was aware of the legacy he was inheriting and would work with the board, management and staff to sustain the bank’s momentum.

The change is another major board transition in Nigeria’s banking sector as lenders continue to align with CBN governance limits and prepare for a more closely watched operating environment.

Sources: Vanguard; Daily Post; Premium Times; Daily Trust