UBA said Mr Elumelu’s retirement is in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which set a maximum tenure of 12 years for non-executive directors of banks.
United Bank for Africa (UBA) Plc has announced that its Group Chairman, Tony Elumelu, will retire from the Board of Directors, effective 21 August, after serving at the bank since 2014.
The Group Head, Marketing and Corporate Communications, United Bank for Africa Plc, Alero Ladipo, confirmed the leadership change in a statement made available to PREMIUM TIMES on Monday.
The leadership transition was approved at the bank’s board meeting held on Monday.
UBA said Mr Elumelu’s retirement is in line with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which set a maximum tenure of 12 years for non-executive directors of banks.
The board commended his leadership, describing his tenure as one of the most transformative periods in the bank’s history.
“The Board places on record its profound appreciation to Mr Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the Group said.
The lender said that under Mr Elumelu’s leadership, the bank was transformed into one of Africa’s leading financial institutions, with operations spanning 20 African countries and four global financial centres.
“UBA was transformed into a pan-African institution, operating in 20 African countries and four global financial centres and serving over 50 million customers,” the bank said.
Commenting on his retirement, Mr Elumelu described his time at UBA as one of the defining experiences of his professional career and expressed confidence in the bank’s future.
“Serving United Bank for Africa has been one of the great privileges of my 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.
Mr Elumelu also expressed confidence in the bank’s incoming Group Chairman, Mr Nnorom, describing him as a leader of integrity and experience.
“Emmanuel Nnorom is a leader of integrity, experience, and sound judgement, and I am confident that the Bank will continue to thrive under his leadership,” Mr Elumelu said.
In response to his appointment, Mr Nnorom said he was committed to building on the bank’s achievements and sustaining UBA’s momentum to deliver long-term value.
“I am honoured by the trust the Board has placed in me and am deeply conscious of the legacy I inherit. I look forward to working with my colleagues on the Board, Management, and our staff across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers, and stakeholders,” he said.
Mr Nnorom is a chartered accountant with more than four decades of experience in banking, finance, and auditing.
His extensive leadership experience and deep understanding of the institution position him well to lead the Board through its next phase of growth, the bank stated.
Mr Nnorom has over 40 years of work experience in financial services and audit, including significant board experience with listed companies.
Mr Nnorom is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN). He is an alumnus of Templeton College, Oxford.
