Tony Elumelu is set to step down as Chairman of United Bank for Africa, UBA, after completing the 12-year term limit for bank directors in Nigeria.
The CBN’s Corporate Governance Guidelines cap the tenure of bank chairmen at 12 years, and Elumelu has reached that mark at UBA.
Under his leadership since 2010, UBA expanded across 20 African countries and into London, Paris, New York, and Dubai, becoming one of Africa’s most recognized financial brands. He also pushed UBA’s focus on entrepreneurship through the Tony Elumelu Foundation.
The bank is expected to announce a successor soon. Elumelu will remain active with the Tony Elumelu Foundation and Heirs Holdings.
This marks the end of an era for UBA, but also aligns with regulatory succession planning in Nigeria’s banking sector.
