The 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 announced this in a disclosure to the Nigerian Exchange Ltd. on Monday.
According to the statement, Elumelu will retire from the Board effective August 21, after completing the maximum 12-year tenure for non-executive directors of banks as stipulated by the Central Bank of Nigeria (CBN).
It said the board, at its meeting held on July 6, accepted Elumelu’s retirement letter and elected Nnorom, currently a non-executive director, to succeed him effective Aug. 21.
The board commended Elumelu for what it described as his visionary leadership and outstanding contributions to the growth, transformation and institutional strength of the UBA Group.
The bank said Nnorom, a chartered accountant with more than 40 years’ experience in banking, finance, and audit, brings extensive leadership experience and deep institutional knowledge to his new role.
Commenting on his retirement, Elumelu said, “Serving United Bank for Africa has been one of the great privileges of my life.
“UBA has a unique competitive position across Africa and globally, and I leave the Board with great confidence in UBA’s future.
“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.”
Nnorom on his appointment, said: “I am honoured by the trust the board has placed in me and 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”.
