The announcement was contained in a statement issued by the bank on Monday, following the approval of the decision at the Board meeting held on July 6, 2026.
UBA stated that Elumelu’s retirement complies with the Central Bank of Nigeria’s (CBN) corporate governance guidelines, which prescribe a maximum tenure of 12 years for non-executive directors in Nigerian banks.
The Board commended Elumelu for his outstanding leadership, describing his tenure as one of the most transformative periods in the bank’s history.
Reflecting on his retirement, Elumelu said his years of service at UBA rank among the defining experiences of his professional career.
His successor, Emmanuel Norom, is a chartered accountant with over 40 years of experience spanning banking, finance, and auditing, and is expected to lead the bank into its next phase of growth and corporate excellence.
