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

UBA Chairman Tony Elumelu has increased his stake in the bank by acquiring over 45 million shares worth ₦1.53 billion, signaling strong confidence ahead of CBN’s recapitalization deadline

[dropcap]R[/dropcap]enowned entrepreneur and Chairman of United Bank for Africa (UBA) Plc, Mr. Tony Elumelu, has significantly increased his personal investment in the financial institution, acquiring over 45 million additional shares valued at approximately ₦1.53 billion.

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This strategic move underscores his strong confidence in UBA’s long-term prospects, particularly as Nigerian banks navigate the Central Bank of Nigeria’s (CBN) new capital mandate.

The disclosure of this substantial acquisition was made in a regulatory filing submitted to the Nigerian Exchange Group (NGX) on Tuesday, May 27, 2025, by Mr. Bili Odum, Group Company Secretary of UBA. According to the filing, Elumelu acquired 45,034,044 units of UBA shares on May 23, 2025, at a unit price of ₦34.30.

This strategic move reinforces Elumelu’s confidence in the bank’s long-term prospects.

This recent acquisition is part of a pattern of increased investment by the billionaire banker. In 2023, Elumelu had already boosted his direct and indirect holdings in UBA by over 161.9 million shares, increasing his total stake from 2.38 billion to 2.54 billion shares.

Elumelu’s latest investment comes at a critical juncture for the Nigerian banking sector.

The Central Bank of Nigeria has issued a directive mandating commercial banks with international licenses to raise their capital base to ₦500 billion by March 2026.

UBA, under Elumelu’s leadership, has already unveiled its plans to meet this new threshold. On April 25, 2025, the Chairman announced that the bank intends to raise ₦144.8 billion in the third quarter (Q3) of 2025, which will supplement its current capital base of ₦355.2 billion.

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Elumelu had previously hinted at deepening his stake in the institution on May 25, 2024, a promise now visibly fulfilled.