Tony Elumelu Raises Own Stake In UBA, Buys N43.9bn Shares

The chairman of the United Bank for Africa (UBA), Tony Elumelu has acquired 1.268 billion shares valued at N43.9 billion in the financial institution within two days.

This was disclosed in a regulatory filing to the Nigerian Exchange Group (NGX) signed by the Group company secretary, Bili Odum. According to the filing, the transactions took place between May 29 and May 30, 2025.

It added that, “Elumelu acquired a total of 1.268 billion shares at an average price of N34.64 per share, bringing the total value of shares bought to N43.91 billion.

“Details of the transactions showed that the billionaire businessman bought 50 million shares at varying prices of N34.70, N34.65, N34.75, and N34.55 as well as 17.669 million shares at N34.70 per share.”

This is the second time the mogul will acquire UBA shares in May. On May 23, Elumelu bought 45.034 million shares at N34.3 per share, bringing the value of that transaction to approximately N1.53 billion.

The development comes as UBA prepares to raise additional capital, following the Central Bank of Nigeria’s directive requiring commercial banks with international licences to increase their capital base to N500 billion.

On April 25, the UBA chairman said the bank would raise N144.8 billion in the third quarter (Q3) of 2025 to add to its current capital base of N355.2 billion.

He assured that the full capital raise would be completed before the CBN’s deadline.

“Our goal is to continue to build strong brand loyalty with our customers and create additional value for our shareholders, whose underlying support has positioned UBA for continued growth,” Elumelu said.