Africa’s Global Bank, United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the bank’s Board of Directors on 21 August after completing the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria (CBN).

The bank also announced the appointment of Emmanuel Nnorom, a non-executive director, as Mr Elumelu’s successor, effective 21 August.

UBA disclosed the changes in a statement on Monday, saying its Board approved the leadership transition at a meeting held on 6 July.

End of an era

The bank said Mr Elumelu’s retirement marks the conclusion of what it described as a defining period in the institution’s history, during which UBA strengthened its position as one of Africa’s leading financial institutions.

According to the statement, the Board expressed profound appreciation for Mr Elumelu’s visionary leadership and exceptional contributions to the bank’s strategic vision and institutional strength.

It noted that under his stewardship, UBA expanded into a pan-African banking group with operations in 20 African countries and four global financial centres, serving more than 50 million customers.

Successor

UBA said Mr Nnorom brings more than four decades of experience in banking, finance and audit to the role.

Mr Nnorom, a chartered accountant with over 40 years of experience in banking, finance and audit, currently serves as a non-executive director of the bank and, according to the statement, possesses extensive leadership experience and deep institutional knowledge of UBA.

Commenting on his retirement, Mr Elumelu described serving the bank as one of the greatest privileges of his career.

“UBA has established a unique competitive position, across Africa and globally, and I leave the Board with great confidence in UBA’s future,” he said.

Expressing confidence in his successor, Mr Elumelu said Mr Nnorom is “a leader of integrity, experience and sound judgement,” adding that he believes the bank will continue to thrive under his leadership.

Nnorom pledges continuity

Responding to his appointment, Mr Nnorom said he was honoured by the confidence reposed in him by the Board and acknowledged the responsibility of succeeding Mr Elumelu.

“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit,” he said.

He pledged to work closely with the Board, management and employees across the bank’s operations to sustain UBA’s growth and continue delivering long-term value to shareholders, customers and other stakeholders.

UBA operates in 20 African countries as well as the United Kingdom, the United States, France and the United Arab Emirates. The bank employs about 25,000 people across its operations and serves more than 50 million customers globally.