Elumelu to exit UBA board after 12 years, Nnorom takes over as chairman

United Bank for Africa Plc has announced the retirement of its Group Chairman, Tony Elumelu, from the Board of Directors, bringing to an end a 12-year tenure that said to have strengthened the bank’s position as one of Africa’s leading financial institutions.

The bank disclosed on Monday that Elumelu would formally retire from the Board on August 21, 2026, in compliance with the Central Bank of Nigeria (CBN) Corporate Governance Guidelines, which prescribe a maximum tenure of 12 years for non-executive directors of commercial banks.

To ensure a seamless leadership transition, the Board has approved the appointment of Emmanuel Nnorom, a Non-Executive Director of the bank, as the new Group Chairman. His appointment will take effect on the same day Elumelu retires.

According to a statement issued after the Board meeting held on July 6, 2026, the leadership transition reflects the bank’s commitment to sound corporate governance, regulatory compliance and business continuity.

Elumelu’s retirement marks the close of a remarkable era in the history of UBA. During his 12 years as Group Chairman, the bank significantly expanded its operations, strengthening its presence across 20 African countries and extending its footprint to four major international financial centres.

Under his leadership, UBA grew its customer base to more than 50 million across Africa and beyond, while consolidating its reputation as a leading provider of banking and financial services on the continent.

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The bank also enhanced its digital banking platforms, strengthened corporate governance practices, improved operational resilience and expanded support for trade, investment and economic development across its markets.

Paying tribute to Elumelu’s contributions, the Board described his leadership as visionary and credited him with providing the strategic direction that transformed the bank into one of Africa’s most respected financial institutions.

“The Board places on record its profound appreciation to Mr. Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group,” the statement read.

According to the bank, Elumelu leaves behind a stronger institution built on robust governance structures, sustainable growth and a clear long-term strategic vision.

Reflecting on his retirement, Elumelu described his years of service as one of the most rewarding periods of his professional career.

“Serving United Bank for Africa has been one of the great privileges of my career. UBA has established a unique competitive position across Africa and globally, and I leave the Board with great confidence in the bank’s future,” he said.

Elumelu also expressed confidence in his successor, describing Emmanuel Nnorom as a leader with the experience, integrity and sound judgment required to guide the bank through its next phase of growth.

“Emmanuel Nnorom is a leader of integrity, experience and sound judgement, and I am confident that the bank will continue to thrive under his leadership,” he added.

The incoming chairman, Emmanuel Nnorom, is a chartered accountant and seasoned corporate executive with more than 40 years of experience in banking, finance, auditing and corporate governance.

Having served as a Non-Executive Director on the UBA Board, Nnorom is widely recognised for his deep understanding of the bank’s governance framework, operations and long-term strategic priorities.

The bank said his extensive professional experience and familiarity with its business position him to provide strong leadership as UBA pursues its next phase of expansion, innovation and value creation.

Responding to his appointment, Nnorom thanked the Board for the confidence reposed in him and pledged to build on the solid foundation established by his predecessor.

“I am honoured by the trust the Board has placed in me and deeply conscious of the legacy I inherit. I look forward to working closely with my colleagues on the Board, Management and employees across all our markets to sustain UBA’s momentum and continue delivering long-term value to our shareholders, customers and other stakeholders,” he said.

Industry observers believe the carefully planned succession demonstrates UBA’s strong commitment to corporate governance, leadership continuity and regulatory compliance.

The transition is expected to preserve the bank’s long-term strategic direction while supporting continued growth, innovation and value creation across its operations in Africa and global markets.

The leadership change will officially take effect on August 21, 2026, ushering in a new chapter for one of Africa’s largest and most influential banking institutions.

Elumelu to exit UBA board after 12 years, Nnorom takes over as chairman

NNPCL cuts petrol price as Dangote Refinery competition intensifies

The Nigerian National Petroleum Company Limited (NNPCL) has further reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, marking its second downward price review in less than two weeks as competition in Nigeria’s deregulated downstream petroleum sector continues to intensify.

A survey of several NNPCL retail stations on Sunday showed that the state-owned energy company reduced the petrol pump price from ₦1,210 to ₦1,150 per litre, giving motorists an immediate ₦60 per litre relief.

The latest adjustment brings the cumulative reduction in NNPCL’s petrol price to ₦110 per litre since June 27, 2026, reflecting the growing impact of market competition and changing wholesale prices on Nigeria’s fuel market.

The reduction comes at a time when consumers have continued to grapple with high transportation costs and rising living expenses, with many hoping that lower fuel prices will gradually translate into reduced transport fares and lower prices for goods and services.

The latest price cut also underscores the changing dynamics of Nigeria’s petroleum industry following the full deregulation of the downstream sector. Unlike the previous regulated pricing regime, marketers now adjust pump prices based on prevailing market conditions, supply costs, exchange rates and global crude oil prices.

Industry analysts say the latest move by NNPCL is largely a response to increasing competition triggered by the aggressive pricing strategy of the Dangote Petroleum Refinery, which has continued to lower its wholesale petrol prices.

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Only days earlier, the Dangote Refinery announced another reduction in its ex-depot (gantry) price of petrol, cutting the price from ₦1,125 to ₦1,075 per litre. The latest adjustment represents the refinery’s fourth downward price review within a relatively short period and is expected to further influence retail fuel prices across the country.

The refinery said the price adjustment reflects its commitment to making fuel more affordable for Nigerians while responding to evolving market realities. It also noted that although international crude oil prices have moderated in recent weeks, some refined products currently being supplied were produced from crude purchased when prices were significantly higher.

The pricing strategy adopted by the Dangote Refinery has continued to reshape Nigeria’s downstream petroleum market, forcing competing suppliers and independent marketers to review their retail prices in order to remain competitive.

Several independent petroleum marketers, including NIPCO, AA Rano and Ranoil, have already adjusted their pump prices to between ₦1,205 and ₦1,240 per litre, with industry observers expecting more filling stations to announce fresh reductions if wholesale prices continue their downward trend.

Energy experts say the increasing competition among suppliers is one of the strongest indicators that fuel market deregulation is beginning to deliver tangible benefits to consumers through more competitive pricing.

According to market analysts, additional price reductions remain possible if the current trend in international oil prices continues and the naira maintains relative stability against major foreign currencies.

The downward movement in domestic petrol prices has coincided with softer global crude oil prices. As of the weekend, Brent crude traded at around $72 per barrel, while West Texas Intermediate (WTI) crude sold for approximately $68 per barrel, reducing production costs for refined petroleum products worldwide.

Industry stakeholders also attribute the emerging price competition to increased local refining capacity, particularly from the 650,000-barrels-per-day Dangote Refinery, which has significantly reduced Nigeria’s dependence on imported petroleum products and introduced greater competition into the domestic fuel market.

The development is expected to benefit millions of Nigerians, especially commercial transport operators, manufacturers, small businesses and households facing rising operational costs.

Although marketers caution that future prices will continue to depend on global crude oil prices, foreign exchange movements, logistics costs and domestic supply conditions, many industry observers believe the current competitive environment could lead to further reductions in petrol pump prices if market fundamentals remain favourable.

For many consumers, the latest NNPCL petrol price reduction offers renewed hope that the cost of transportation and other essential goods may gradually decline as competition within Nigeria’s downstream petroleum sector continues to deepen.

NNPCL cuts petrol price as Dangote Refinery competition intensifies

FRSC, NADDC, SON to Lead Talks on Safe EV, CNG Rollout at NAJA Auto Summit

Nigeria’s push towards cleaner transportation will receive a major boost on July 30, 2026 as the Corps Marshal of the Federal Road Safety Corps (FRSC), Shehu Mohammed, the Director-General of the National Automotive Design and Development Council (NADDC), Joseph Osanipin; the Director-General of the Standards Organisation of Nigeria (SON), Dr. Ifeanyi Chukwunonso Okeke, and the Controller-General of the Federal Fire Service, Olumode Samuel Adeyemi, headline the 3rd Nigeria Auto Journalists Association (NAJA) Auto Summit with strategic presentations aimed at charting a safe and sustainable roadmap for Nigeria’s electric vehicle (EV) and Compressed Natural Gas (CNG) revolution.

The summit, scheduled to hold at the Radisson Hotel, Ikeja, Lagos, is themed: “Nigeria’s Clean Mobility Future: The EV and CNG Journey Under the Bola Tinubu Administration.”

It is expected to assemble senior government officials, automotive industry leaders, manufacturers, energy experts, investors, regulators and transport stakeholders to assess Nigeria’s progress in clean mobility and outline practical steps for accelerating the transition.

At the centre of the discussions will be the FRSC Corps Marshal, who is expected to unveil a comprehensive safety framework for the deployment of EVs and CNG-powered vehicles across the country.

His presentation will address critical issues such as vehicle certification, roadworthiness standards, emergency response procedures, accident prevention, technician capacity building and public enlightenment, all of which are considered essential to ensuring the safe adoption of alternative-fuel vehicles on Nigerian roads.

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NADDC Director-General Osanipin will in his keynote examine the future of Nigeria’s automotive industry within the Federal Government’s clean mobility agenda, highlighting policy direction, industrial growth opportunities and the role of local manufacturing in driving the country’s transition to cleaner transportation.

Also taking the stage, SON Director-General Dr. Ifeanyi Chukwunonso Okeke will speak on the development and enforcement of national standards for electric vehicles, charging infrastructure, batteries, CNG conversion kits, cylinders and refuelling stations. He is also expected to outline measures to eliminate substandard components from the market while strengthening consumer protection and confidence.

Complementing the safety discussions, Federal Fire Service Controller-General Olumode Samuel Adeyemi will focus on emergency preparedness for the emerging clean-energy transport ecosystem.

His presentation will centre on developing national response protocols for EV and CNG-related incidents and equipping firefighters and other first responders with the specialised skills required to manage such emergencies.

Speaking ahead of the summit, Chairman of the Summit Organising Committee, Rasheed Bisiriyu, described this year’s edition as one of the most significant gatherings of stakeholders in Nigeria’s automotive industry, coming at a time when the Federal Government is intensifying efforts to reduce dependence on petrol and diesel through the promotion of CNG and electric vehicles.

According to him, the summit will serve as a strategic platform to review progress made under the Bola Tinubu administration, identify implementation bottlenecks and develop practical recommendations for accelerating the nationwide adoption of clean mobility technologies.

“The NAJA Auto Summit has evolved into a respected platform where policymakers and industry operators engage in constructive dialogue on issues affecting the automotive sector. This year’s theme reflects one of the most significant transitions taking place in Nigeria’s transport industry today,” Bisiriyu said.

He added that discussions would extend beyond government policies to include investment opportunities, infrastructure expansion, financing models, consumer awareness and the regulatory framework required to support the large-scale deployment of EVs and CNG-powered vehicles.

NAJA Chairman, Theodore Opara, said the summit comes at a defining moment as Nigeria seeks cleaner, more affordable and sustainable transportation alternatives amid rising mobility costs.

While acknowledging the country’s steady progress towards clean mobility, Opara stressed that long-term success would depend on stronger collaboration among government agencies, vehicle manufacturers, infrastructure developers, energy providers and consumers.

He noted that Nigeria’s vast natural gas reserves position CNG as a viable transition fuel but warned that significant investments would still be required to expand refuelling stations, EV charging infrastructure and technical support services nationwide.

He also emphasised that safety regulation, maintenance capacity and sustained public education must keep pace with the rapid deployment of cleaner vehicle technologies to ensure a seamless transition.

Industry stakeholders believe the combined presentations by the FRSC, NADDC, SON and the Federal Fire Service will provide a comprehensive blueprint for addressing safety, quality assurance, emergency preparedness and regulatory concerns surrounding EVs and CNG-powered vehicles.

The summit is expected to produce actionable recommendations that will guide policymakers, regulators, investors and industry operators as Nigeria accelerates its journey towards a cleaner, safer, more efficient and environmentally sustainable transportation system.

FRSC, NADDC, SON To Lead Talks on Safe EV, CNG Rollout at NAJA Auto Summit