Tony Elumelu, Chairman of United Bank for Africa (UBA), has significantly increased his ownership in the bank by purchasing shares worth N43.91 billion within two days, from May 29 to May 30, 2025. According to a regulatory filing submitted to the Nigerian Exchange Group by UBA’s Group Company Secretary, Bili Odum, Elumelu acquired 1,267,669,350 shares at an average price of N34.64 per share.
The detailed breakdown reveals that Elumelu bought 50 million shares at prices ranging between N34.55 and N34.75, along with an additional 17,669,350 shares at N34.70 each. This purchase follows an earlier acquisition on May 23, when he bought 45,034,044 shares at N34.30 each, valued at approximately N1.53 billion.
Elumelu had announced his intention to increase his stake in UBA on May 25, 2024. This latest investment aligns with UBA’s efforts to comply with the Central Bank of Nigeria’s (CBN) directive for banks with international licenses to raise their capital base to N500 billion by March 2026. UBA plans to raise N144.8 billion in the third quarter of 2025, building on its current capital base of N355.2 billion. Elumelu assured stakeholders that the capital raise would be completed before the CBN deadline.
