United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors on 21 August after serving in the role since 2014. The bank also confirmed the appointment of Emmanuel Nnorom as a Non-Executive Director and incoming Group Chairman, with both appointments taking effect from 21 August.
UBA’s Group Head of Marketing and Corporate Communications, Alero Ladipo, disclosed the leadership changes in a statement issued on Monday, noting that the transition was approved at the bank’s board meeting the same day. According to the bank, Elumelu’s retirement complies with the Central Bank of Nigeria’s corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of banks.
The board praised Elumelu’s leadership, describing his tenure as one of the most transformative periods in the institution’s history.UBA said that under his leadership, the bank expanded into a leading pan-African financial institution with operations in 20 African countries and four global financial centres, serving more than 50 million customers.
Reflecting on his retirement, Elumelu described his years at UBA as one of the defining chapters of his professional career and expressed confidence in the bank’s continued growth. He also endorsed Nnorom’s appointment, describing him as a leader with integrity, experience and sound judgment who is well-positioned to guide the institution into its next phase. Responding to his appointment, Nnorom said he was honoured by the confidence reposed in him and pledged to build on UBA’s achievements while working with the board, management and employees to sustain long-term value for shareholders, customers and other stakeholders.
UBA noted that Nnorom is a chartered accountant with more than 40 years of experience in banking, finance and auditing, as well as extensive boardroom experience with listed companies. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN), and an alumnus of Templeton College, Oxford.
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