Elumelu boosts UBA stake with N43.91bn share purchase
Chairman of United Bank for Africa (UBA), Tony Elumelu, has significantly increased his ownership in the bank by acquiring additional shares worth ₦43.91 billion over a two-day period.
According to a regulatory disclosure filed with the Nigerian Exchange Group by UBA’s Group Company Secretary, Bili Odum, the transactions took place between May 29 and May 30, 2025.
Within that timeframe, Elumelu purchased a total of 1,267,669,350 shares at an average price of ₦34.64 per share. The filing provides a detailed breakdown, noting purchases of 50 million shares at varying prices—₦34.70, ₦34.65, ₦34.75, and ₦34.55—as well as an additional 17,669,350 shares at ₦34.70.
This marks Elumelu’s second major acquisition of UBA shares in May. Earlier, on May 23, he bought 45,034,044 shares at ₦34.30 each, a deal valued at approximately ₦1.53 billion.
Elumelu had publicly declared his intention to expand his stake in UBA on May 25, 2024.
The recent acquisition comes as UBA works to meet the Central Bank of Nigeria’s directive requiring commercial banks with international licenses to increase their minimum capital base to ₦500 billion.
To align with this directive, UBA is set to raise ₦144.8 billion in the third quarter of 2025, adding to its existing capital base of ₦355.2 billion. Elumelu has reassured stakeholders that the capital raise will be completed ahead of the regulatory deadline.
