Tony Elumelu acquires UBA shares worth ₦43.91bn ahead of capital raise

Tony Elumelu invests N43.91 billion in UBA shares, deepening his stake in the bank ahead of the CBN’s N500 billion capitalisation directive, reaffirming commitment to UBA’s growth

[dropcap]T[/dropcap]ony Elumelu, the influential Chairman of United Bank for Africa (UBA), has significantly increased his stake in the bank, acquiring an additional N43.91 billion worth of shares over a two-day period, a move underscoring his confidence in the financial institution.

Also read: Tony Elumelu boosts UBA stake with ₦1.53 billion share acquisition ahead of capital raise

According to a regulatory filing submitted to the Nigerian Exchange Group by UBA’s Group Company Secretary, Bili Odum, these substantial transactions occurred between May 29 and May 30, 2025.

During this period, Elumelu purchased a total of 1,267,669,350 shares at an average price of N34.64 per share.

Detailed breakdowns from the filing reveal that the prominent businessman bought 50 million shares at varying prices (N34.70, N34.65, N34.75, and N34.55), alongside an additional 17,669,350 shares at N34.70 per share.

This marks Elumelu’s second major acquisition of UBA shares in May, following a purchase of 45,034,044 shares on May 23 at N34.30 each, a deal valued at approximately N1.53 billion.

Elumelu had previously announced his intention to increase his holdings in the bank on May 25, 2024.

His latest significant investment comes as UBA prepares to comply with the Central Bank of Nigeria’s (CBN) directive for commercial banks with international licenses to raise their capital base to N500 billion.

To meet this regulatory requirement, UBA plans to raise N144.8 billion in the third quarter of 2025, building on its current capital base of N355.2 billion.

Also read: UBA unveils ‘Advance Top-Up’ on *919# USSD platform for instant airtime, data access

Elumelu has publicly assured stakeholders that the full capital raise will be completed well before the CBN’s March 2026 deadline.