Tony Elumelu, chairman of United Bank for Africa Plc (UBA), has increased his stake in the bank by purchasing 1,267,669,350 shares valued at N43.9 billion.
Disclosed in a regulatory filing on the Nigerian Exchange, signed by Bili A. Odum, UBA group company secretary/legal counsel, the shares were acquired between May 29 and May 30, 2025, at prices ranging from N34.55 to N34.75 per share, with an average price of N34.64.
A breakdown of the transaction showed that 100 million shares were bought at N34.70, 550 million at N34.65, 200 million at N34.75, 400 million at N34.55, and approximately 17.7 million at N34.70, bringing the total to over 1.26 billion shares.
The purchase follows Elumelu ’s recent announcement to raise his stake in UBA, aligning with efforts to meet the Central Bank of Nigeria’s (CBN) new capital requirements.
The CBN has mandated banks with international licenses, including UBA, to increase their capital base to N500 billion by March 2026.
