Exit in Line with CBN’s 12-Year Limit for Non-Executive Bank Directors
Billionaire investor and philanthropist, Tony O. Elumelu, CFR, has announced he will conclude his tenure as Chairman of United Bank for Africa, UBA, on August 21, 2025.
Elumelu made the announcement in a post on his official X handle, @TonyOElumelu, on Friday.
“On August 21, I’ll conclude my 12 year tenure as Chairman of UBA; upon the completion of the maximum 12 year tenure prescribed for Non-Executive Directors of Banks by the Central Bank of Nigeria,” he wrote.
The statement confirms that his exit is in compliance with the Central Bank of Nigeria, CBN, corporate governance code, which caps the tenure of Non-Executive Directors of banks at a maximum of 12 years.
Elumelu has led UBA’s board since 2013 and is credited with driving the bank’s expansion across 20 African countries and into global markets, under its “Africa’s Global Bank” brand.
Accompanying the post was a photo of Elumelu with another UBA board member, shaking hands in front of a branded backdrop.
UBA is yet to announce his successor as board chairman.
