Tony Elumelu, the Chairman of United Bank for Africa (UBA), has expanded his ownership by acquiring shares worth N43.91 billion in the bank over a two-day span.
A regulatory filing from UBA’s Group Company Secretary, Bili Odum, revealed that these transactions took place between May 29 and May 30, 2025. During this period, Elumelu purchased a total of 1,267,669,350 shares at an average price of N34.64 each.
The filing provides a detailed breakdown of the purchases, indicating that he acquired 50 million shares at various prices—N34.70, N34.65, N34.75, and N34.55—along with an additional 17,669,350 shares at N34.70 each. This acquisition marks Elumelu’s second significant purchase of UBA shares in May.
On May 23, he had previously bought 45,034,044 shares at N34.30 each, totaling approximately N1.53 billion. Elumelu had expressed his intention to increase his stake in the bank on May 25, 2024.
His most recent acquisition coincides with UBA’s preparations to adhere to the Central Bank of Nigeria’s directive requiring commercial banks with international licenses to increase their capital base to N500 billion. To meet this requirement,
UBA intends to raise N144.8 billion in the third quarter of 2025, building on its existing capital base of N355.2 billion. Elumelu has assured stakeholders that the capital raise will be finalized before the CBN’s deadline.
