Prime Business Africa
Tony Elumelu, the chairman of United Bank for Africa (UBA), and Mike Adenuga, the majority shareholder in Sterling Financial Holdings Company, are on the list of the least performing investments held by majority investors in the banking sector in the first quarter (Q1) of 2026.
Also on the list are Olatunde International Limited, the majority investor in First City Monument Bank (FCMB), Femi Otedola, the chairman of First HoldCo, and Nneka Onyeali Ikpe, the chief executive officer (CEO) of Fidelity Bank.
Join our WhatsApp ChannelThe investments held by the majority investors recorded single-digit growth between January and March 2026, while the top-performing investments appreciated by double-digit.
Prime Business Africa’s (PBA) analysis showed that the total investment held by the majority investors in the banking sector increased to N3.33 trillion at the end of the first quarter of this year, from the N2.66 trillion their shares were valued at the start of Q1.
Five Least Performing Investments Held By Bank Major Investors
Tony Elumelu/UBA
Tony Elumelu, the chairman of United Bank for Africa (UBA), recorded 7.90 percent growth in his investment in the lender, representing an unrealised monetary gain of N21.46 billion in the first quarter of this year.
- The investor recorded the single-digit gain after equity traders exchanged UBA shares at N46.40 kobo per share on March 31, which is N3.4 kobo higher than the N43 at which the share was traded on January 2.
- The increase in UBA’s share price led to Elumelu’s investment rising to N292.88 billion at the end of the first quarter, compared to the N271.42 billion the shares were valued at the beginning of the period.
Mike Adenuga/Sterling Financial Holdings Company
Mike Adenuga, through Silverlake Investments Limited, holds 13.31 billion shares of Sterling Financial Holdings Company, which recorded N0.45 kobo in its share price in the first three months of 2026.
- The share of Sterling Financial was initially sold at N7.05 at the start of January, however, equity traders raised the asking price for the shares to N7.50 kobo at the end of March.
- This handed Adenuga a 6.38 percent growth in his investment in Sterling Financial, representing a N5.99 billion gain between January and March, according to Prime Business Africa’s analysis.
- As a result, Adenuga’s investment in Sterling Financial marginally increased to N99.86 billion at the end of Q1, exceeding the N93.87 billion recorded at the beginning of the period.
Olatunde International Limited/Kayode Ogunsua/FCMB
The 3.31 billion shares held by Olatunde International Limited in First City Monument Bank (FCMB) appreciated slightly by 2.60 percent during the period under review, according to analysis.
- As of January 2, Olatunde International, which is led by Kayode Ogunsua, the chief executive officer (CEO) and managing director (MD), had N38.10 billion investment in FCMB, however, by March 31, the shares were worth N39.10 billion.
- It was gathered that the upward movement in Olatunde International’s investment was driven by a slight N0.3 kobo increase in FCMB’s share price, which appreciated from N11.50 kobo to N11.80 kobo.
Femi Otedola/First HoldCo
Femi Otedola, the chairman of First HoldCo, saw his investment in the financial institution rise by 2.45 percent growth during the period under review, giving him the 11th spot on the list.
- The marginal growth represents a N5.08 billion gain for Otedola, whose investment increased to N211.68 billion on March 31, surpassing the N206.60 billion recorded on January 2.
- Otedola, according to First HoldCo’s shareholding record, has 4.23 billion shares in the financial institution, which is split into 1.68 billion direct shares and 2.54 billion indirect shares.
- The value of the shares increased by a single digit after the value of First HoldCo’s shares was raised by N1.2 kobo by traders in the stock market, resulting in the price rising from N48.80 kobo per share to N50 within Q1.
Nneka Onyeali Ikpe/Fidelity Bank
Nneka Onyeali Ikpe, the managing director and chief executive officer of Fidelity Bank, was the only major investor in the banking industry who didn’t record any movement in her investment.
- The investor, which has 145.84 million shares in Fidelity Bank, started the first quarter with N2.77 billion and ended the period with the same amount, according to Prime Business Africa’s analysis.
- This was caused by low interest in Fidelity Bank’s shares, which were priced at N19 per share on January 2 and on March 31, the shares were traded at the same rate by equity traders in the stock market.
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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.
