Key points
- UBA has announced the retirement of Group Chairman Tony Elumelu after 12 years on the board.
- Emmanuel Nnorom has been appointed chairman, effective Aug. 21.
- Elumelu is retiring after reaching the CBN’s maximum tenure for non-executive directors.
- The board praised his leadership and expressed confidence in Nnorom’s stewardship.
Main story
United Bank for Africa Plc (UBA) has announced the retirement of its Group Chairman, Mr Tony Elumelu, and the appointment of Mr Emmanuel Nnorom as his successor.
The bank disclosed the changes in a filing with the Nigerian Exchange Ltd. on Monday.
According to the statement, Elumelu will retire from the board effective Aug. 21 after completing the maximum 12-year tenure for non-executive directors of banks as prescribed by the Central Bank of Nigeria (CBN).
UBA said its board accepted Elumelu’s retirement letter at its meeting on July 6 and elected Nnorom, currently a non-executive director, to assume the role of chairman from Aug. 21.
The board commended Elumelu for his leadership and contributions to the growth, transformation and institutional development of the UBA Group during his tenure.
The bank described Nnorom as a chartered accountant with more than four decades of experience in banking, finance and audit, adding that he brings extensive leadership experience and deep institutional knowledge to the position.
Commenting on his retirement, Elumelu said serving UBA had been one of the greatest privileges of his career.
He expressed confidence in the bank’s future and said Nnorom possessed the integrity, experience and sound judgment required to lead the institution.
Responding to his appointment, Nnorom said he was honoured by the confidence reposed in him and pledged to work with the board, management and staff to sustain the bank’s growth and deliver long-term value to shareholders and customers.
The issues
The leadership transition comes as Nigerian banks continue to implement the Central Bank of Nigeria’s corporate governance guidelines, including tenure limits for directors. UBA’s appointment of an internal non-executive director is expected to ensure continuity in governance and strategy across the bank’s operations in Africa and international markets.
What’s being said
“Serving United Bank for Africa has been one of the great privileges of my life.” — Tony Elumelu
“I am honoured by the trust the board has placed in me and deeply conscious of the legacy I inherit.” — Emmanuel Nnorom
What’s next
Nnorom will formally assume office as Chairman of UBA on Aug. 21, following Elumelu’s retirement, as the bank continues implementing its long-term growth and governance strategy.
Bottom line
UBA has named Emmanuel Nnorom as its next chairman, succeeding Tony Elumelu, whose retirement marks the end of a 12-year tenure on the bank’s board.
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