Elumelu increases stakes in UBA, acquires 17.43m more shares

The chairman of United Bank for Africa (UBA), Tony Elumelu, has increased his stakes in the bank by acquiring more shares, a new corporate filing on Nigerian Exchange Limited has revealed.

Elumelu acquired a total of 17.43 million shares through his investment company, HH Capital Limited, to cement his spot in UBA as the largest investor.

The 17.43 million shares cost Elumelu N146.84 million, the document filed on May 26 but obtained from the capital market authority, Nigerian Exchange Limited (NGX), on Tuesday, disclosed.

UBA’s chairman bought the shares on two different days, purchasing 5.6 million on May 2, 2023, at the worth of N43.68 million.

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The investment banker also acquired 11.83 million shares on the Nigerian stock market on May 25, at the cost of N103.16 million.

Prior to these acquisitions, Ripples Nigeria gathered that Elumelu had acquired 59.33 million shares through HH Capital Limited, which cost him N486.30 million.

This brought his total purchase this year to 76.76 million shares, at the value of N633.14 million, and increased his total shares in UBA to 2.45 billion as of May 25, from 2.38 billion shares held at the end of December 2022.

At the end of last year, Elumelu’s investment value in UBA was N18.09 billion, however, following the series of acquisitions, his net worth in the commercial bank has risen to N22.85 billion as of May 25.

Consequently, Elumelu’s controlling stake in UBA increased from 6.96% ownership to 7.18 per cent in the last five months.