Tony Elumelu, Chairman of United Bank for Africa (UBA), has significantly increased his stake in the bank with a fresh acquisition of ₦43.91 billion worth of shares over two days.

According to a regulatory disclosure filed with the Nigerian Exchange Group (NGX) by Bili Odum, UBA’s Group Company Secretary, the share purchases took place between May 29 and May 30, 2025.

During the transactions, Elumelu acquired 1,267,669,350 shares at an average price of ₦34.64 per share.

Breakdown of the Share Purchase:

• 50 million shares acquired at varying prices: ₦34.70, ₦34.65, ₦34.75, and ₦34.55
• An additional 17,669,350 shares purchased at ₦34.70 per share
• This marks Elumelu’s second major UBA share acquisition in May. Earlier, on May 23, 2025, he bought 45,034,044 shares at ₦34.30 each, totaling approximately ₦1.53 billion.
• UBA’s Capital Raise Strategy to Meet CBN’s New Requirement

Elumelu’s increased investment follows his public statement in May 2024, where he announced plans to expand his stake in UBA. His move comes as the bank prepares to meet the Central Bank of Nigeria’s (CBN) new capital requirement for international commercial banks, which mandates a ₦500 billion minimum capital base.

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UBA, with a current capital base of ₦355.2 billion, plans to raise ₦144.8 billion in Q3 2025. Elumelu has assured investors and stakeholders that the capital raise will be completed ahead of the CBN’s deadline.

Strategic Confidence in UBA’s Future

Industry analysts view Elumelu’s latest acquisition as a vote of confidence in UBA’s long-term growth, especially amid sector-wide recapitalization efforts and intensifying competition among Tier-1 Nigerian banks.

With Elumelu at the helm and significant equity positions secured, UBA is well-positioned to not only meet regulatory benchmarks but also expand its footprint across Africa and beyond.

Stay tuned to Naija Blog Daily for the latest updates on banking, finance, capital markets, and Tony Elumelu’s business moves.

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