United Bank for Africa Plc has announced that its group chairman, Tony Elumelu, will retire from the board of directors on August 21, 2026.
The bank disclosed the departure on Monday during a board meeting, confirming that a successor has been named to take over the chairmanship.
Elumelu, who founded the bank, has been a central figure in UBA’s expansion across the African continent.
His departure marks a significant leadership change for the lender, which operates in multiple African jurisdictions.
The announcement signals a planned transition rather than an abrupt exit, with the effective date set for late August.
The bank’s board currently includes several non-executive directors, such as Ka'amuna Khadi, Rabiu Funtua, and Kpochi Iorgyer, who will continue to serve in their respective roles.