UBA Announces Elumelu's Retirement, Nnorom as Successor

Toni Elumelu, the Group Chairman of United Bank for Africa Plc (UBA), will retire from the board of directors on August 21, 2026, following the completion of his 12-year tenure limit as prescribed by the Central Bank of Nigeria for non-executive directors. This decision was announced in a statement issued by UBA on July 6, 2026, and signed by Alero Ladipo, the Group Head of Marketing and Corporate Communications.

The board expressed appreciation for Elumelu's visionary leadership and significant contributions to the strategic vision of UBA, which operates in 20 African countries and serves 50 million customers. Emmanuel Nnorom, a non-executive director with 40 years of experience in banking, finance, and audit, has been elected as Elumelu's successor, effective August 21, 2026.

The board expressed confidence in Nnorom's leadership and sound judgment as UBA continues to thrive. On the trading day following the announcement, UBA's share price increased by 3.41%, closing at N42.40.