Prime Business Africa
Tony Elumelu, the chairman of the United Bank for Africa (UBA), has bought new shares in the lender to increase his stake from 6.19 per cent to 6.30 per cent, according to Prime Business Africa’s analysis.
In a ‘Dealng by an insider’ document released by UBA on Tuesday, May 27, Elumelu paid N1.54 billion to acquire 45,03 million shares through Heirs Holdings Limited.
Join our WhatsApp ChannelThe shares, acquired on May 22 and 23, increased the shares Elumelu holds through Heirs Holdings from 1.81 billion shares to 1.85 billion shares.
Prior to the acquisition, Elumelu held 2.54 billion shares, valued at N86.95 billion, in UBA as of the start of this year, but the value decreased to N86.19 billion as of May 21 – a day before he acquired the new shares – as the company’s share value depreciated by 0.87 percent within the period.
However, the acquisition raised his total shares in UBA to 2.58 billion shares, which were valued at N90.17 billion as of May 27.
The breakdown of the shares showed that Elumelu held 195,12 million direct shares, while HH Capital Limited holds 302,29 million shares, Heirs Alliance Limited accounts for 231.08 million shares, and Heirs Holdings holds 1.85 billion shares.
Meanwhile, year-to-date, UBA shareholders recorded a marginal 1.9 percent increase in their investments, representing a combined gain of N26.67 billion between January 2 and May 27.
During the same period, UBA’s market valuation increased from N1.40 trillion to N1.43 trillion, making the financial institution the third most valuable bank in Nigeria.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
