Board Chairman of the United Bank for Africa (UBA), Tony Elumelu has bagged $2.36 million to see his net worth rise significantly in the first 17 days of 2023.
This is a result of the increase in UBA share price which has seen UBA’s market capitalization rise to $600 million with the bank’s shares trading at N8.05 ($0.0178) a unit.
Elumelu, founder of Heirs Holdings and chairman of Transcorp PLC owns a 6.9-percent stake, estimated at $42 million in UBA.
2023 has seen United Bank of Africa shares rise by nearly six percent, rising from N7.6 ($0.0168) at the close of the Nigerian Exchange last year to N8.05 ($0.0178) at the start of 2023. This has consequently led to a significant increase in the market value of Elumelu’s stake in the bank, from N18.09 billion ($39.92 million) in 2022 to N19.17 billion ($42.29 million).
This bump in the market value of his stake translates to a total gain of N1.071 billion ($2.36 million) for the Nigerian businessman, and this further cements his status as not only one of the richest investors on the Nigerian Exchange but as one of the richest men in the country.
Elumelu is also a philanthropist who through his foundation, the Tony Elumelu Foundation, gives African entrepreneurs a space to grow their own ideas by providing them with mentorship, funding, and other necessary resources they need to succeed.
Investors King can confirm that The Tony Elumelu foundation since it was established in 2010 has elevated over 14,000 entrepreneurs from 54 African countries.
Tony Elumelu led UBA as Group Managing Director from a single-country banking group after its merger with Standard Trust Bank to a pan-African bank with subsidiaries in 20 African countries, France, USA and UK. He is currently the bank’s Board Chairman after stepping down as Managing Director in 2010.
Ever since, UBA has become one of Nigeria’s leading financial services groups and a pan-African bank that operates in 24 countries on four continents with its most recent opening in the United Arab Emirates.