In the second round of voting held at the Nigerian High Commission into the executive of the association, he polled 46 votes to defeat his main rival Mr. Boma Douglas who got 44 votes.
According to The Nation, the two candidates previously equal votes of 39 while the third candidate Mrs. Ronke Udofia got 16 votes.
Speaking on his victory, Loye expressed gratitude to the voters and pledged that his administration would raise funds to pursue the programmes of the association.
He said his administration would do its best to positively project the image of Nigeria in UK and beyond.
CANUK was established to serve as the umbrella body of Nigerians living in the UK.
Its mission is to protect, unify and empower the Nigerian community towards contributing to nation-building in the UK and Nigeria.