Chairman of United Bank for Africa, UBA, Mr. Tony Elumelu, has increased his total stake in the bank to 10.63% following a major share acquisition worth ₦43.9 billion on 30 May.
The latest move adds 3.09% to his holdings and strengthens his position as one of Nigeria’s top banking investors. Mr. Elumelu now holds a 3.66% direct stake, with an additional 6.97% owned indirectly through Heirs Holdings, HH Capital, and Heirs Alliance.
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Earlier, between 22 and 23 May, Heirs Holdings also acquired UBA shares valued at ₦1.54 billion.
Before the transactions, Mr. Elumelu’s total stake stood at 7.43%. He now ranks as the third-largest individual shareholder in Nigeria’s banking sector, behind Mr. Femi Otedola of FBN Holdings, and Mr. Jim Ovia of Zenith Bank.
For the 2024 financial year, Mr. Elumelu and his affiliates earned ₦12.7 billion in dividends from their UBA holdings.
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