ABUJA, Nigeria (VOICE OF NAIJA)-Tony Elumelu, Chairman of United Bank for Africa (UBA) Plc, has increased his total stake in the bank to 10.63 percent, following the acquisition of shares worth N43.9 billion on Friday.
This latest purchase represents an additional 3.09 percent holding in the bank.
Elumelu holds his stake both directly and indirectly through Heirs Holdings, HH Capital, and Heirs Alliance.
Between May 22 and 23, Heirs Holdings purchased UBA shares valued at N1.54 billion on the Nigerian Exchange (NGX), securing a 0.11 percent stake.
The acquisition spree continued on May 30, with Elumelu directly acquiring N43.9 billion worth of UBA shares.
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Before these transactions, his combined direct and indirect stake stood at 7.43 percent.
He directly owned 234.2 million shares, while his indirect holdings via Heirs Holdings, HH Capital, and Heirs Alliance amounted to 2.82 billion shares.
Following the latest deals, Elumelu’s direct stake in UBA has grown to 3.66 percent, while his indirect stake now stands at 6.97 percent.
This development cements Elumelu’s position as the third-largest shareholder in any Nigerian bank, trailing Femi Otedola of FBN Holdings and Jim Ovia of Zenith Bank.
In the 2024 financial year, Elumelu and his affiliated entities earned N12.7 billion in dividends from UBA.
With UBA expected to commence a new phase of recapitalization by Q3 2025, Elumelu’s ownership is poised to deepen further.
As Nigeria’s banking sector prepares for stricter regulatory thresholds and capital requirements, his expanding influence in UBA underscores a strategic confidence in the bank’s long-term resilience and profitability.