*Bank Now Present In 20 African Countries, Four Global Financial Capitals, Has Over 50m Customers
From 21 August this year, a new Group Chairman will sit stop the coveted hierarchy of leading bank, UBA.
He is Mr Emmanuel Nnorom, who replaces Mr Tony Elumelu. The latter will retire from the bank’s Board of Directors.
The announcement came in the morning today, 6 July, after a meeting of the Board.
UBA explained that Elumelu’s exit follows the completion of the maximum 12-year tenure allowed for non-executive directors under the Central Bank of Nigeria (CBN)’s corporate governance regulations.
Nnorom currently serves as a non-executive director.
In a statement issued after the meeting, UBA said: “The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.
“Under his chairmanship, UBA deepened its pan-African expansion strategy and now operates in 20 African countries, alongside operations in four global financial centres.
“The bank currently serves more than 50 million customers across its network.
“His retirement comes as Nigerian banks continue to align with the CBN’s corporate governance guidelines, which impose a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.”
*PHOTO CAPTION: Elumelu (l) and Nnorom.
