The United Bank for Africa (UBA) Plc says Tony Elumelu, its chairman, will retire on August 21 after completing the 12-year tenure limit for non-executive directors prescribed by the Central Bank of Nigeria (CBN).
The pan-African bank announced Elumelu’s retirement in a statement on Monday.
According to the bank, the board had accepted Elumelu’s retirement at a meeting held on July 6 and elected Emmanuel Nnorom, a non-executive director, as his successor with effect from August 21.
The statement said Elumelu’s retirement marks the end of a tenure during which UBA expanded its operations across Africa and other international markets.
Commenting on his retirement, Elumelu said 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,” he
