United Bank for Africa Plc has announced the retirement of Erelu Angela Adebayo as a non-executive director, effective after over six years of service.
The disclosure was made in a statement signed by Group Company Secretary Bili Odum on May 4, 2026, with Adebayo having joined the board in August 2018.
UBA acknowledged her contributions across key committees, including Board Audit & Governance, Credit, Board Risk Management, and Board Operations & Technology.
“The Board of UBA expresses its deep appreciation to Erelu Angela Adebayo for her dedication and significant contributions to the Group,” the statement read.
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Adebayo holds an MBA from the University of Lagos and an MPhil in Land Economy from Cambridge University, and has served as First Lady of Ekiti State and chairman of Afriland Properties Plc.
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She currently sits on the boards of the Aliko Dangote Foundation and Meyer Paints Plc, and is a council member of the Nigerian Exchange.
Her retirement follows UBA’s first quarter 2026 results, which showed a pretax profit of N160.7 billion, down 21.35 per cent from N204.3 billion a year earlier.
Gross earnings rose 4.86 per cent to N801.4 billion, but operating expenses increased sharply, with over N40 billion spent on fuel, repairs, and maintenance.
The bank confirmed it is intensifying efforts to recover outstanding debts and plans to resume dividend payments to shareholders this year.
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