Tony Elumelu, Chairman of United Bank for Africa (UBA), has acquired an additional N43.91 billion worth of shares in the bank, further solidifying his stake.
Gatekeepers News reports that the shares were purchased over a two-day period, May 29-30, 2025, at an average price of N34.64 per share.
Elumelu bought a total of 1,267,669,350 shares, with 50 million shares purchased at varying prices (N34.70, N34.65, N34.75, and N34.55) and 17,669,350 shares at N34.70 per share.
This acquisition marks Elumelu’s second major purchase of UBA shares in May, following a N1.53 billion deal on May 23, where he bought 45,034,044 shares at N34.30 each.
The latest purchase aligns with UBA’s efforts to comply with the Central Bank of Nigeria’s (CBN) directive for commercial banks with international licenses to raise their capital base to N500 billion.
To meet this requirement, UBA plans to raise N144.8 billion in Q3 2025, building on its current capital base of N355.2 billion.
