Tony Elumelu acquires additional N43.9bn UBA shares in two days
The Chairman of the United Bank for Africa, Tony Elumelu, has acquired shares valued at N43.9 billion in the bank within a span of two days.
The Group Company Secretary, Bili Odum, disclosed the details of the transaction in a regulatory filing submitted to the Nigerian Exchange Group on Monday.
According to the filing, the transactions occurred between May 29 and May 30.
Elumelu purchased a total of 1,267,669,350 shares at an average price of N34.64 each, totaling N43.91 billion.
Specifically, he bought 50 million shares at prices ranging from N34.55 to N34.75, along with an additional 17,669,350 shares at N34.70 each.
This marks Elumelu's second acquisition of UBA shares in May.
On May 23, he purchased 45,034,044 shares at N34.30 per share, with the transaction valued at around N1.53 billion.
On May 25, 2024, Elumelu expressed his intention to further increase his ownership stake in the bank.
This action aligns with UBA’s plans to raise more capital following the Central Bank of Nigeria’s directive for commercial banks with international licenses to boost their capital base to N500 billion.
On April 25, the UBA chairman indicated that the bank intends to raise N144.8 billion in the third quarter of 2025, enhancing its current capital base of N355.2 billion.
He affirmed that the complete capital raise will be finalized ahead of the CBN’s deadline.
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