United Bank for Africa (UBA) Plc has appointed veteran banker and corporate executive Emmanuel Nnorom as its new Group Chairman, following the retirement of Tony Elumelu after the completion of his tenure.

Nnorom, who has served as a Non-Executive Director on UBA’s Board since 2024, will officially assume office on August 21, 2026, in line with the Central Bank of Nigeria’s corporate governance guidelines.

Here are 10 key facts about the incoming UBA chairman:

1. Born in 1958
Emmanuel Nwabuikwu “Emma” Nnorom was born on April 7, 1958, and has built a distinguished career spanning banking, investment and corporate leadership.

2. Executive education at Oxford
Nnorom attended Templeton College, Oxford, where he completed executive leadership and management programmes, further strengthening his corporate governance expertise.

3. Chartered accountant and banker
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an Honorary Member of the Chartered Institute of Bankers of Nigeria (CIBN).

4. More than 40 years of experience
With over four decades in banking, finance, audit, operations and corporate governance, Nnorom has occupied several executive and board positions in Nigeria’s financial sector.

5. Career across leading Nigerian banks
Before his leadership roles at UBA, he worked in senior management positions at Standard Trust Bank (now UBA), Diamond Bank, NUB International Bank and Liberty Merchant Bank, overseeing finance, operations, risk management, planning, information technology and human resources.

6. Rose through the ranks at UBA
Nnorom spent more than eight years in executive management at UBA, serving as Group Chief Operating Officer, Executive Director (Finance), Executive Director (Risk), Executive Director (Group Executive Office) and later Managing Director/Chief Executive Officer of UBA Africa.

7. Led UBA’s African expansion
As CEO of UBA Africa in 2013, he supervised the bank’s operations across several African countries, helping strengthen its position as one of the continent’s leading financial institutions.

8. Served at Heirs Holdings
Before joining Transcorp, Nnorom was President and Chief Operating Officer of Heirs Holdings between January and August 2014, where he played a key role in executing the group’s investment strategy.

9. Former President and CEO of Transcorp
Between September 2014 and May 2017, he served as President and Chief Executive Officer of Transnational Corporation Plc (Transcorp), overseeing businesses in power, hospitality, agriculture and energy.

10. Current Group CEO of Heirs Holdings
Since June 2017, Nnorom has served as Group Chief Executive Officer of Heirs Holdings, leading investments across financial services, healthcare, power, hospitality, real estate, technology and energy.

His appointment marks a new chapter for UBA as the bank transitions from the era of Tony Elumelu to another seasoned corporate leader with decades of experience in banking, governance and strategic investment.

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First City Monument Bank (FCMB) has announced the appointment of Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors following regulatory approval from the Central Bank of Nigeria.

The appointment brings one of Nigeria’s most recognized economists and financial analysts into a key leadership position at the bank as it seeks to strengthen its governance framework and strategic direction.

Rewane has over 40 years of experience spanning macroeconomic research, investment banking, financial advisory services, and corporate strategy. He currently serves as the Managing Director of Financial Derivatives Company Limited, a leading economic research and financial consulting firm.

Throughout his career, he has held senior leadership positions within the financial services industry, including roles at International Merchant Bank Nigeria Limited and First National Bank of Chicago. His expertise has made him a respected voice in economic policy discussions and financial market analysis.

A graduate of Economics from the University of Ibadan, Rewane is a Fellow of the Nigerian Economic Society and the Chartered Institute of Bankers of Nigeria. He is also an Associate of the Institute of Bankers in England and Wales.

His boardroom experience extends across several major corporations and multinational organizations. Over the years, he has served on the boards of companies including Guinness Nigeria Plc, British American Tobacco, Henkel Nigeria Limited, Top Feeds Nigeria Limited, and Africa Infrastructure Plus Partners.

Rewane also served as a member of the Presidential Steering Committee established to address the global economic crisis. In addition, he has completed executive management programmes at internationally recognized institutions, including Oxford International Capital Markets Programme, the Euromoney Institute of Finance, and IMD Lausanne in Switzerland.

FCMB stated that the appointment reflects its commitment to strong corporate governance and sustainable growth. The bank expressed confidence that Rewane’s experience in macroeconomics, strategic management, and corporate governance will support its long-term objectives and enhance value creation for shareholders and other stakeholders.

According to the bank, his appointment comes at a significant period in its growth journey and is expected to strengthen leadership oversight while supporting future expansion plans.

First City Monument Bank Limited operates as a member of FCMB Group Plc, a diversified financial services group with interests in banking, consumer finance, investment management, pensions, and financial technology services.

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Abbey Mortgage Bank Plc has announced a N1.2 billion dividend payout, translating to 12 kobo per ordinary share of 50 kobo each, in a move that underscores its commitment to sustainable growth and shareholder value creation.

The announcement was made during the bank’s 34th Annual General Meeting (AGM), which brought together shareholders, board members, management, regulators, and other key stakeholders to review its financial performance and strategic direction.

At the meeting, shareholders approved key resolutions, including an additional capital raise and the dividend declaration, while commending the bank’s operational resilience and steady transformation within Nigeria’s financial services sector.

Managing Director and Chief Executive Officer of Abbey Mortgage Bank, Mobolaji Adewumi, said the institution remains focused on enhancing value delivery to shareholders while maintaining a balance between rewarding investors and strengthening long-term growth.

He said the bank’s next phase of growth will prioritise digitally driven banking services aimed at removing traditional barriers to financial access and improving customer experience.

“Our next phase is centered on delivering seamless and digitally driven banking experiences that eliminates the traditional barriers to premier financial services,” Adewumi said.

He added that the bank is working to build a resilient and agile institution capable of delivering meaningful value to all stakeholders.

Adewumi also highlighted the bank’s commitment to strong corporate governance, innovation, and expansion within Nigeria’s financial services industry.

The AGM also provided an opportunity for management to appreciate shareholders for their continued confidence and support, which the bank described as critical to its growth trajectory.

Abbey Mortgage Bank reaffirmed its focus on financial inclusion, innovation, and sustainable value creation as it continues to strengthen its position in the Nigerian banking sector.

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Lafarge Africa Plc has confirmed the appointment of five directors and the re-election of three others following resolutions passed at its 67th Annual General Meeting held in Lagos.

The company disclosed this in its AGM resolutions dated May 5, 2026, after the meeting held on April 30 at the Grand Banquet Hall of the Civic Centre, Victoria Island.

The resolutions were certified by the Company Secretary, Adewunmi Alode, and the Group Managing Director/Chief Executive Officer, Lolu Alade-Akinyemi.

According to the resolutions, shareholders ratified the appointment of five directors, including Wang Xuanqian as Executive Director.

The company also confirmed the appointments of Gang Xu, Qian Chen, Jiajun Wang, and Lin Zhang as Non-Executive Directors.

In addition, shareholders approved the re-election of board chairman, Gbenga Oyebode, as Non-Executive Director, alongside Oyinkansade Adewale and Olusola Oworu as Independent Non-Executive Directors.

Beyond the board changes, shareholders approved a final dividend of N6 per ordinary share for the 2025 financial year, amounting to a total payout of approximately N96.6 billion, subject to applicable taxes.

The company also authorised its directors to determine the remuneration of external auditors for the 2026 financial year and approved the election of shareholder and board representatives into the statutory audit committee.

As part of governance measures, shareholders fixed the remuneration of Non-Executive Directors at N146.4 million for the 2026 financial year.

They also granted the company a general mandate to undertake related-party transactions required for day-to-day operations under normal commercial terms.

In another major development, shareholders approved a change in the company’s corporate identity from Lafarge Africa Plc to HBM Nigeria Plc, including amendments to its Memorandum and Articles of Association.

The approvals followed a strong financial performance by the cement manufacturer in 2025.

The company reported revenue of N1.1 trillion for the financial year, representing a 53 per cent increase from the N696.8 billion recorded in 2024.

Profit after tax also surged by 173 per cent to N273 billion, supported by improved sales volumes, enhanced plant stability, cost management measures, and stronger distribution operations.

Operating profit more than doubled during the year, while earnings per share increased from N6.22 to N17.

The company also disclosed that expansion projects at its Ashaka and Sagamu plants are ongoing and expected to increase total installed production capacity to 14 million metric tonnes per annum.

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Shareholders have commended the corporate governance style of Abdul Samad Rabiu, Chairman of BUA Group, describing his leadership approach as a model for balancing profitability with employee welfare and stakeholder value.

The commendation follows the announcement that the group’s listed entities, BUA Foods Plc and BUA Cement Plc, will distribute a combined ₦842.64 billion as cash dividends to shareholders.

BUA Foods declared a total dividend of ₦504 billion, translating to ₦28 per share—an increase of 115.4 percent compared to the ₦13 paid for the 2024 financial year. Meanwhile, BUA Cement announced a payout of ₦338.64 billion, representing ₦10 per share, a 387.8 percent jump from the ₦2.05 distributed in the previous year.

Speaking through the President of the Association for the Advancement of Rights of Nigerian Shareholders, Dr Faruk Umar, investors said Rabiu has consistently demonstrated how private sector success can be translated into broader economic and social benefits.

They cited the group’s employee-focused initiatives, including a ₦30 billion reward programme for over 500 long-serving staff, as unprecedented in Nigeria’s corporate landscape. Under the scheme, several employees received substantial cash rewards, with some earning up to ₦1 billion.

Shareholders also pointed to the group’s decision to increase staff salaries by 50 percent in 2024, alongside its commitment to opening up ownership through public listings, as evidence of inclusive corporate practices.

Beyond employee welfare, Rabiu was praised for maintaining strong returns for investors while advocating price moderation in essential commodities such as cement and sugar through increased production and strategic pricing.

BUA Foods and BUA Cement rank among the largest companies listed on the Nigerian Exchange Limited, with a combined market value estimated at about ₦26 trillion.

Industry observers note that the group’s expanding investments in manufacturing and its ongoing refinery project are expected to further strengthen Nigeria’s industrial capacity and energy security.

Shareholders said Rabiu’s leadership reflects a broader vision of corporate responsibility, urging other business leaders to adopt similar approaches that prioritise sustainability, transparency, and national development.

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The Central Bank of Nigeria (CBN) has introduced a new directive requiring all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the departure of the incumbent.

In addition, the apex bank mandated that regulatory approval for the appointment of a successor must be secured no later than six months before the current chief executive’s tenure expires.

According to the CBN, the policy is designed to guarantee seamless leadership transitions, minimise disruptions in bank management, and mitigate risks associated with sudden changes at the top.

“This requirement is aimed at minimising disruptions at the top management level, enabling appointees to adequately prepare for their new roles, and reducing risks tied to abrupt leadership changes,” the regulator said.

The directive was contained in a circular issued to DSIBs and signed by Rita I. Sike, Director of the Financial Policy & Regulation Department of the CBN.

Citing Section 2.14 of the 2023 Corporate Governance Guidelines for Commercial, Merchant, Non-Interest and Payment Service Banks, the circular stressed the importance of robust succession planning. The guidelines require boards of these institutions to approve succession plans for MD/CEOs, Executive Directors (EDs), and senior management personnel.

“In view of the critical role DSIBs play in maintaining financial system stability, the CBN reiterates the importance of effective succession planning in these institutions,” the circular stated.

The apex bank added that DSIBs must (1) secure regulatory approval for a successor MD/CEO no later than six months before the outgoing chief’s tenure lapses and (2) make the appointment public at least three months before the transition.

“You are hereby directed to ensure strict compliance with the above directives,” the CBN warned.

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The Central Bank of Nigeria (CBN) has directed all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the current officeholder steps down.

In a circular signed by Rita I. Sike, Director of the Financial Policy and Regulation Department, the apex bank said the measure is part of efforts to guarantee smooth leadership transitions and minimise disruptions at the helm of major financial institutions.

The directive also requires banks to secure regulatory approval for a successor’s appointment no later than six months before the outgoing MD/CEO’s tenure ends.

“This requirement is aimed at minimising disruptions at the top management level, enabling appointees to adequately prepare for their new roles, and mitigating risks associated with abrupt leadership changes,” the circular stated.

The CBN cited Section 2.14 of its 2023 corporate governance guidelines, which obliges boards of commercial, merchant, non-interest, and payment service banks to approve succession plans for top executives, including MD/CEOs, executive directors, and senior management staff.

The apex bank emphasised that DSIBs play a critical role in maintaining financial system stability and urged strict compliance with the new succession planning rules.

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Dr. Elombi, a Cameroonian national and long-serving executive at the bank, is the fourth President since Afreximbank was founded in 1993. His appointment was confirmed at the bank’s 32nd annual general meetings, held from June 25 to 28 in Abuja. Shareholders gave their final approval on Saturday.

He will officially replace Professor Benedict Oramah, who has led the bank since 2015 and is set to step down in September 2025.

Dr. Elombi began his career at Afreximbank in 1996 as a Legal Officer. Over nearly 30 years, he rose through the ranks, taking on key roles such as Executive Vice President for Governance, Legal and Corporate Services, Director and Executive Secretary, and Chief Legal Officer. Before joining Afreximbank, he taught law at the University of Hull in the United Kingdom.

Dr. Elombi has played a central role in the bank’s growth. He helped establish several subsidiaries and expand the bank’s reach across Africa. During the COVID-19 pandemic, he chaired the Emergency Response Committee, leading efforts to mobilise over $2 billion for vaccine procurement and distribution across Africa and the Caribbean. Under his leadership, the Equity Mobilisation and Investor Relations department raised $3.6 billion in equity as of April 2025.

In his acceptance speech, Dr. Elombi expressed his commitment to the bank’s mission. “I have had the privilege of working with visionary leaders and colleagues to shape this institution’s mandate and growth,” he said. “Looking ahead, I see Afreximbank as a driver of Africa’s industrialisation and a symbol of dignity for Africans everywhere. I will work to preserve and grow this legacy.”

He also pledged to continue pursuing the bold target set by his predecessor: transforming Afreximbank into a $250 billion institution within the next decade.

Dr. Elombi holds a Master of Laws (LL.M.) and a Ph.D. in commercial arbitration from the London School of Economics, University of London. He also earned a Maitrise-en-Droit from the University of Yaoundé.

His appointment followed a rigorous global selection process that began in January 2025. The search included an open international call for applications, interviews by a top executive search firm, and a final recommendation from the Board of Directors to the shareholders.

Under the Afreximbank charter, the President is appointed by the general meeting of shareholders on the Board’s recommendation. The term is five years and may be renewed once.

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The SEC shared this directive in a recent circular. It was titled: “Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive Directors and Tenure of Directors.” The Commission noted a growing trend where INEDs were later appointed to executive roles, including that of Chief Executive Officer (CEO). According to the SEC, this practice weakens the objectivity expected from independent board members.

The Commission stated that such transitions go against the principles of good governance. It also added that this undermines rules outlined in the National Code of Corporate Governance and the SEC’s own guidelines. For this reason, the SEC has ordered public companies and major capital market operators to stop this practice immediately.

In addition, the SEC introduced a new rule. A CEO who steps down cannot become Chairman of the same company right away. There must be a three-year cooling-off period. This ensures a clear line between leadership and oversight roles.

The circular also introduced term limits. Directors can now serve up to ten consecutive years in a single company. Within a group structure, the limit is twelve years. After that, they must leave their position. If a former CEO or Executive Director is appointed Chairman, it must be after the three-year break. Their term as Chairman can then last a maximum of four years.

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