UBA announces Tony Elumelu's retirement, names Emmanuel Nnorom as new chairman

United Bank for Africa (UBA) Plc has shared that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on 21 August. He has been with the bank since 2014.

The bank also announced Emmanuel Nnorom as a Non-Executive Director on the board. He will take over as the Group Chairman from 21 August.

Alero Ladipo, the Group Head of Marketing and Corporate Communications at UBA Plc, confirmed this leadership change in a statement released to PREMIUM TIMES on Monday.

The board meeting on Monday approved the leadership transition.

UBA stated that Mr Elumelu’s retirement follows the Central Bank of Nigeria’s rules. These rules limit non-executive directors of banks to a maximum of 12 years.

The board praised Mr Elumelu's leadership, calling his time at the bank one of its most transformative periods.

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

The bank noted that under Mr Elumelu’s leadership, it became one of Africa’s leading financial institutions. UBA now operates in 20 African countries and has four global financial centres.

“UBA was transformed into a pan-African institution, operating in 20 African countries and four global financial centres and serving over 50 million customers,” the bank stated.

Reflecting on his retirement, Mr Elumelu called his time at UBA a defining experience in his career. He is confident about the bank’s future.

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.

Mr Elumelu expressed trust in the new Group Chairman, Mr Nnorom, calling him a leader with integrity and experience.

“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” Mr Elumelu said.

In response to his new role, Mr Nnorom said he is ready to build on the bank’s success and keep UBA moving forward to provide long-term value.

“I am honoured by the trust the Board has placed in me and am deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.

Mr Nnorom is a chartered accountant with over 40 years of experience in banking, finance, and auditing. His strong leadership background and understanding of the bank make him well-suited for this role.

Mr Nnorom has extensive experience in financial services and audit, including significant board roles with listed companies. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN). He also studied at Templeton College, Oxford.