UBA Group Chairman Tony Elumelu Announces Retirement
United Bank for Africa (UBA) Plc has confirmed that its Group Chairman, Tony Elumelu, will retire from the board of directors effective August 21. Elumelu has held this position since 2014, making significant contributions during his tenure.
Emmanuel Norom Stepping into Leadership Role
In conjunction with Elumelu’s departure, Emmanuel Norom has been appointed as a non-executive director and will assume the role of group chairman on the same date. This leadership transition was approved during the bank’s board meeting held on Monday, as confirmed by Mr. Arelo Ladipo, Group Head of Marketing and Corporate Communications at UBA.
Compliance with Central Bank Guidelines
Elumelu’s resignation aligns with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which stipulate a maximum tenure of 12 years for non-executive directors at financial institutions. This move marks a pivotal point in UBA’s governance and leadership structure.
Acknowledgment of Elumelu’s Transformative Leadership
The board expressed profound gratitude for Elumelu’s visionary leadership, describing his tenure as one of the most transformative periods in the bank’s history. UBA emphasized that under his guidance, it has evolved into one of Africa’s leading financial institutions, now boasting operations in 20 African countries and four global financial centers.
Elumelu Reflects on His Tenure
Reflecting on his time at UBA, Elumelu noted that his experience has been one of the most defining of his professional career. He expressed optimism about the bank’s future, highlighting its unique competitive position both within Africa and globally.
Norom’s Commitment to UBA’s Future
Following his appointment, Norom expressed his dedication to enhancing the bank’s performance and sustaining its growth momentum. He emphasized the importance of collaborating with his colleagues on the board and across all markets to continue delivering long-term value to UBA’s shareholders and stakeholders.
Profile of Emmanuel Norom
Mr. Norom brings over 40 years of experience in banking, finance, and auditing to his new role. A certified public accountant, he is equipped with extensive leadership expertise and a comprehensive understanding of financial institutions. Norom is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and holds an honorary title from the Institute of Chartered Accountants of Nigeria (CIBN). He is an alumnus of Templeton College, Oxford.
