UBA announces exit of non-executive director Angela Adebayo

United Bank for Africa Plc (UBA) has announced the retirement of Erelu Angela Adebayo as a non-executive director.

The disclosure was made in a statement signed by the Group Company Secretary, Bili Odum, and dated May 4, 2026.

Adebayo exits the board after over six years of service, having joined in August 2018.

What the company is saying 

UBA acknowledged Adebayo’s contributions to the bank during her tenure, highlighting her role across key board committees.

• “United Bank for Africa Plc (UBA), Africa’s Global Bank, announces the retirement of Erelu Angela Adebayo, a Non-Executive Director, who joined the UBA Group Board in August 2018.”  
• “The Board of UBA expresses its deep appreciation to Erelu Angela Adebayo for her dedication and significant contributions to the Group. The Board wishes Erelu Angela Adebayo the best in her future endeavors.”

The bank noted that she served on several strategic committees, including Board Audit & Governance, Credit, Board Risk Management, and Board Operations & Technology.

More insights 

Erelu Angela Adebayo has decades of experience spanning governance, real estate, and philanthropy.

She holds a BSc (Hons) in Social Science from the University of Ibadan, an MBA from the University of Lagos, and an MPhil in Land Economy from Cambridge University.

Adebayo previously served as First Lady of Ekiti State and as Chairman of Afriland Properties Plc, as well as the first female chairman of WEMABOD Estates.

She currently sits on the boards of the Aliko Dangote Foundation, Meyer Paints Plc, and Women at Risk International Foundation.

She is also a Council Member of the Nigerian Stock Exchange and founder of the Erelu Adebayo Foundation and Children’s Home.

What you should know 

Adebayo’s retirement comes shortly after UBA released its unaudited financial results for the first quarter ended March 31, 2026.

• The Group reported a pretax profit of N160.655 billion, down from N204.264 billion in Q1 2025, representing a 21.35% year-on-year decline.
• Gross earnings rose by 4.86% to N801.42 billion, supported by growth in both interest and non-interest income.
• Operating expenses increased significantly, with over N40 billion spent on fuel, repairs, and maintenance, contributing to a 37% rise in other operating expenses to N204 billion.
• While the bank recorded strong top-line growth, rising costs weighed on profitability during the period.

The company has confirmed it is intensifying efforts to recover outstanding debts and plans to resume dividend payments to shareholders this year.