Leadership Transition at United Bank for Africa
United Bank for Africa (UBA) Plc has announced that Group Chairman Tony Elumelu will retire from the Board of Directors on August 21, 2026. This decision comes upon the completion of his maximum tenure of 12 years for non-executive directors, as mandated by the Central Bank of Nigeria (CBN).
Appointment of Emmanuel N. Norom as Group Chairman
In conjunction with Elumelu’s retirement, Mr. Emmanuel N. Norom, who currently serves as a non-executive director on the board, has been appointed as the next Group Chairman. His new role will commence on the same date as Elumelu’s retirement.
Significant Changes Following Board Meeting
This leadership transition was approved during a board meeting held on July 6, according to a statement from UBA released on Monday. Elumelu’s retirement signifies a pivotal moment in the bank’s history, one that has seen substantial expansion throughout Africa and enhanced UBA’s standing as a prominent financial institution on the continent.
Elumelu’s Legacy and Contributions
The board expressed profound gratitude for Elumelu’s visionary leadership and substantial contributions to the strategic vision and organizational strength of UBA Group. Under his stewardship, UBA has pursued an aggressive pan-African growth strategy, extending its operations to 20 African nations and establishing a presence in four global financial hubs. Currently, the bank serves over 50 million customers across its extensive network.
Compliance with Corporate Governance Standards
Elumelu’s retirement aligns with the CBN’s Corporate Governance Guidelines, which enforce a maximum tenure of 12 years for non-executive directors to enhance board independence and governance standards. Reflecting on his time with UBA, Elumelu described it as one of the defining experiences of his career. He conveyed confidence in the bank’s future and in his successor’s capabilities.
Norom’s Qualifications and Vision
Mr. Norom brings over 40 years of experience in banking, finance, and auditing to his new position. As a certified public accountant, he serves as a non-executive director on UBA’s board and is poised to guide the bank through its next phase of growth. UBA regards Norom’s extensive leadership experience and in-depth understanding of financial institutions as key assets in pursuing the bank’s long-term strategic goals.
Norom’s Commitment to UBA’s Future
Following his appointment, Norom expressed his commitment to fostering the bank’s performance while sustaining its growth trajectory. He acknowledged the trust placed in him by the board and recognized the significant legacy he is set to uphold. Norom looks forward to collaborating with board members, the management team, and staff to ensure the continued success of UBA and to deliver long-term value to shareholders, customers, and stakeholders alike.
