The Chairman of the Board of United Bank for Africa Plc, Tony Elumelu, has increased his stake in the bank with the acquisition of 1.27 billion shares valued at approximately N43.9bn on the Nigerian Exchange Limited.
According to a notification of insider dealing filed with the NGX recently, the transactions were carried out between May 29 and May 30, 2025, at various price points ranging from N34.55 to N34.75 per share.
The disclosure, signed by the Group Company Secretary, Bili Odum, showed that Elumelu acquired the shares in multiple tranches, with volumes of 50 million shares traded repeatedly at different prices, including N34.55, N34.65, N34.70, and N34.75 per share.
In total, 1,267,669,350 ordinary shares were acquired at an average price of N34.64 per share.
Elumelu, who holds the prestigious national honour of Commander of the Federal Republic, is widely recognised for his leadership in Nigeria’s banking and investment sectors. The latest transaction reinforces his continued confidence in UBA’s long-term growth and stability.
In a similar development, Heirs Holdings Limited, an investment company founded by Elumelu, also acquired 45.03 million shares of UBA at N34.30 per share.
The transaction, which took place between May 22 and May 23, 2025, was also disclosed in a separate notification to the NGX, further solidifying Elumelu’s indirect interest in the bank.
Market analysts say the massive acquisition could signal a strategic consolidation of control and inspire increased investor confidence in the tier-1 lender.