Elumelu boosts UBA stake with $27.7m share purchase

Tony Elumelu, chairman of the United Bank for Africa (UBA), has significantly increased his stake in the financial institution by acquiring shares worth N43.9 billion ($27.7 million) over two days, a regulatory filing revealed on Monday.

According to Bili Odum, UBA’s group company secretary, the transactions occurred between May 29 and May 30, 2025. Elumelu purchased 1,267,669,350 shares at an average price of N34.64 per share, totaling N43.91 billion.

The filing with the Nigerian Exchange Group (NGX) detailed that the billionaire businessman acquired 50,000,000 shares at prices ranging from N34.55 to N34.75, and an additional 17,669,350 shares at N34.70 per share.

This marks Elumelu’s second major share acquisition in UBA this month. On May 23, he bought 45,034,044 shares at N34.3 each, a transaction valued at approximately N1.53 billion. Elumelu had previously announced plans on May 25, 2024, to further bolster his holdings in the bank.

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The share purchases come as UBA prepares to meet the Central Bank of Nigeria’s (CBN) mandate for commercial banks with international licenses to raise their capital base to N500 billion.

On April 25, Elumelu disclosed that UBA plans to raise N144.8 billion in the third quarter of 2025, adding to its current capital base of N355.2 billion. He assured stakeholders that the bank would meet the CBN’s deadline.

Elumelu’s continued investment underscores his confidence in UBA’s growth strategy as the bank strengthens its financial position to comply with regulatory requirements and expand its operations.