It is the end of an era as the United Bank for Africa (UBA) Plc, has said it’s chairman, Tony Elumelu, will retire on August 21, upon the completion of the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
In a statement released on Monday, the bank said the board had accepted the retirement of Elumelu at a meeting held on July 6 and elected Emmanuel Nnorom, a non-executive director, as his successor, effective from August 21.
The statement stated that Elumelu’s retirement marks the end of a tenure during which UBA expanded its operations across Africa and other international markets.
Speaking on his retirement, Elumelu noted that serving as chairman of UBA has been “one of the great 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,” said Elumelu.
“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.”
Reacting to his appointment, Nnorom stated that he was honoured by the board’s decision and pledged to build on the bank’s achievements.
“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,” he said.
According to the statement, Nnorom is a chartered accountant with over four decades of experience in banking, finance and audit.
He has served as a non-executive director of UBA and held senior executive positions in the financial services sector
