United Bank for Africa (UBA) Group Chairman Tony Elumelu will retire from the board on August 21, 2026, after completing the 12-year tenure limit for non-executive directors stipulated by the Central Bank of Nigeria (CBN).
Elumelu’s exit marks the end of a significant leadership chapter at one of Africa’s largest financial institutions, where he has overseen the bank’s expansion across multiple African markets while strengthening its position in corporate and retail banking.
The retirement is in line with the Central Bank of Nigeria’s corporate governance requirements for banks, with Brandspur Banking News Desk reporting that the succession will reflect regulatory compliance on board tenure for non-executive directors.
As Group Chairman, Elumelu has played a central role in shaping UBA’s strategic direction, supporting its pan-African growth agenda and expanding its international footprint. Under his leadership, the bank deepened operations across Africa while maintaining a presence in key global financial centres, reinforcing its position as one of the continent’s leading banking groups.
Beyond his role at UBA, Elumelu is widely recognised as a leading investor and philanthropist whose advocacy for entrepreneurship through the Tony Elumelu Foundation has supported thousands of young African entrepreneurs with funding, mentorship and business training.
His retirement comes as Nigeria’s banking sector continues to strengthen corporate governance practices in line with evolving regulatory standards issued by the Central Bank of Nigeria. The transition is expected to usher in a new phase of board leadership for UBA while ensuring continued compliance with governance requirements.
Further details on the bank’s succession plan and the appointment of a new Group Chairman are expected to be announced in line with regulatory and corporate governance procedures.
