Tony Elumelu, Chairman of United Bank for Africa (UBA) Plc, has raised his total stake to 10.63% following a fresh ₦43.9 billion investment in the bank.
The acquisition strengthens his position as one of the largest individual shareholders in Nigeria’s banking sector and reinforces market confidence in UBA’s growth strategy.
The additional shares were acquired on May 30 and represent a 3.09% increase in his overall holding. The transaction follows an earlier purchase made through Heirs Holdings between May 22 and 23, valued at ₦1.54 billion.
The combined acquisitions now bring Elumelu’s direct equity to 3.66% while his indirect holding through Heirs Holdings, HH Capital and Heirs Alliance stands at 6.97%.
Before the latest transactions, Elumelu held a combined 7.43% stake comprising 234.2 million shares held directly and 2.82 billion shares through affiliated investment entities.
The expansion of his stake comes ahead of UBA’s planned recapitalisation exercise scheduled for Q3 2025. With the Central Bank of Nigeria mandating higher capital thresholds for commercial banks Elumelu’s move positions him to maintain a significant influence during the bank’s capital restructuring process.
UBA paid out ₦12.7 billion in dividends to Elumelu and his affiliated companies for the 2024 financial year. The payout underscores the bank’s strong earnings profile and the attractiveness of its stock to long-term investors.
Elumelu now ranks as the third-largest individual shareholder across Nigerian banks behind only Femi Otedola of FBN Holdings and Jim Ovia of Zenith Bank.
Market analysts view the development as a strategic vote of confidence in UBA’s fundamentals.
The bank continues to expand its presence across Africa and international markets, backed by a solid balance sheet and strong governance framework.
UBA remains on track to meet its capital adequacy targets as it prepares for the next phase of regulatory reforms. Elumelu’s increased equity signals long-term commitment and positions the bank for greater strategic flexibility ahead of the recapitalisation deadline.
