United Bank for Africa (UBA) Chairman, Tony Elumelu, has significantly increased his stake in the bank with the purchase of shares valued at N43.91 billion over a two-day span.
According to a regulatory filing submitted to the Nigerian Exchange Group (NGX) by UBA’s Group Company Secretary, Bili Odum, Elumelu acquired 1,267,669,350 shares between May 29 and May 30, 2025, at an average price of N34.64 per share.
Breakdown of the transactions revealed that the billionaire businessman bought 50 million shares at varied prices — N34.70, N34.65, N34.75, and N34.55, in addition to 17,669,350 shares at N34.70.
This is Elumelu’s second major investment in UBA shares within May. On May 23, he purchased 45,034,044 shares at N34.30, worth approximately N1.53 billion.
Elumelu had publicly stated his intention to expand his ownership in UBA in May 2024, signaling continued confidence in the bank’s growth trajectory and long-term profitability.
His latest acquisition aligns with UBA’s preparations to meet the Central Bank of Nigeria’s (CBN) recapitalisation directive. The new policy requires commercial banks with international licenses to increase their capital base to N500 billion.
UBA currently has a capital base of N355.2 billion and plans to raise N144.8 billion in Q3 2025 to meet the CBN threshold. Elumelu has assured shareholders that the capital raise will be concluded well before the regulatory deadline.
The transactions underscore Elumelu’s strategic commitment to strengthening UBA’s position in the Nigerian and African banking landscape.
