Elumelu Retires as UBA Chairman; Nnorom Takes Over

Tony Elumelu has officially retired as the Chairman of United Bank for Africa (UBA), with the appointment of Emmanuel Nnorom, the current non-executive director, taking effect immediately. UBA's statement acknowledged Elumelu's visionary leadership, which has notably strengthened the bank's pan-African footprint, expanding operations to 20 African countries and establishing a presence in four global financial centers, serving 50 million customers.

Elumelu's departure marks the end of a transformative era for the bank, reflecting the industry's commitment to the Central Bank of Nigeria's corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors. In a farewell message posted on Facebook, Elumelu expressed gratitude and optimism, emphasizing the need for institutional leadership to adapt and evolve.

He expressed confidence in Nnorom's leadership capabilities, urging shareholders, customers, and partners to extend their trust and support as Nnorom assumes leadership of the board.