Tony Elumelu’s Wife, Other Family Members Increase Stake in UBA

Mrs. Awele Vivien Elumelu, the wife of the Board Chairman of United Bank for Africa (UBA) Plc Tony Elumelu, has increased her holdings in the leading financial institution, according to the latest disclosure filing from the bank.

In the disclosure statement signed by Bili A. Odum, Group Company Secretary, UBA Plc, Mrs. Awele Vivien Elumelu acquired additional 412,642 ordinary shares of UBA at N5.99 a unit on April 8th and 9th of 2021 from the Nigerian Exchange Limited in Lagos, Nigeria.

Nneka Elumelu, another relative of the Board Chairman, bought 245,457 shares of the bank at N7.0 per share on the same day.

Onyinyechukwu Elumelu, Tamara-Marie Ogechukwu Elumelu, Tony Onyekachukwu Elumelu, Tiffany Ogochukwu Elumelu, Toby Onyemaechi Elumelu and Ugochukwu Elumelu purchased 243,899 shares; 296,409 shares; 36,529 shares; 296,043 shares; 36,016 shares and 244,966 shares at N7.0 per share; N7.0 per share; N7.0 per share; N7.0 per share; N7.1 per share and N6.9 per share, respectively.

Opeoluwa Ashiru, a staff of the bank, also acquired 94,300 shares at 5.54 per share on April 7th, 2021.

Tony Elumelu and his family continue to strengthen their grip on the leading financial institution as seen in recent months.

The announcement was in line with the Nigerian Securities and Exchange Commission (SEC) policy on insider disclosure.

The commission had mandated all listed companies to disclose all insider dealings to further strengthen transparency across the board.

However, the new policy provides insight into the direction of listed companies and gives clues on the level of confidence directors, staff and relatives of key board members that are likely to have more information regarding the future of the company have in it.

This insight will help the investing public mirror their portfolio in line with the degree of perceived confidence. Investors King will continue to publish all insider dealings for better management and controlled risk exposure.