Tony Elumelu is set to retire as chairman of the board of directors of the United Bank for Africa (UBA) Plc on August 21, 2026, the bank announced on Monday, July 6.

The bank said the process was necessary after the completion of the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria.

The financial institution also named a current non-executive director on the board, Emmanuel Nnorom, as its incoming group chairman, whose appointment will take effect on the same day Elumelu retires.

In a statement released shortly after the board meeting on Monday, the bank said, “The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.

“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.

“The bank currently serves more than 50 million customers across its network. His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”

Reacting, Elumelu on his Facebook acknowledged his years of service as the chairman of an “African institution that can compete globally, while being deeply committed to our continent’s development.”