Tony Elumelu, Chairman of the United Bank for Africa (UBA), has significantly expanded his ownership in the bank with the purchase of shares worth N43.91 billion over a two-day period.
According to a regulatory disclosure filed with the Nigerian Exchange Group by UBA’s Group Company Secretary, Bili Odum, the transactions took place on May 29 and May 30, 2025.
Elumelu acquired a total of 1,267,669,350 shares at an average price of N34.64 per share. The breakdown of the filing reveals he bought 50 million shares at varying prices—N34.70, N34.65, N34.75, and N34.55—alongside an additional 17,669,350 shares at N34.70 each.
This marks Elumelu’s second major UBA share acquisition in May. On May 23, he purchased 45,034,044 shares at N34.30 each, totaling approximately N1.53 billion.
His ongoing acquisitions align with a previously announced intention, made public on May 25, 2024, to increase his stake in the bank.
The move comes as UBA prepares to meet the Central Bank of Nigeria’s new capital requirements. The CBN has mandated that commercial banks with international licenses raise their capital base to N500 billion.
To comply, UBA plans to raise N144.8 billion in the third quarter of 2025, adding to its existing N355.2 billion capital base.
Elumelu has assured shareholders and stakeholders that the capital raise will be successfully completed before the CBN’s deadline.
