Home » Nigerian Billionaire Tony Elumelu set to pocket $3.3 million in dividends from United Bank of Africa

Nigerian Billionaire Tony Elumelu set to pocket $3.3 million in dividends from United Bank of Africa

by Editorial Team

United Bank of Africa Plc (UBA) Chairman Tony Elumelu will earn about $3.3 million (N1.24 billion) from his shares in the bank after it declared its final dividend of N0.52 (52 kobo) per N0.50 (50 kobo) shares for the year 2020.

UBA declared a dividend of N0.35 (35 kobo) per N0.50 (50 kobo) shares on March 8. The news followed an earlier announcement that its interim dividend reached N0.17 (17 kobo) per N0.50 (50 kobo) shares several months ago, Investorsking reported, bringing the bank’s total dividend for 2020 to (52 kobo) per N0.50 (50 kobo) shares. 

*N0.50 (50 kobo) is the measure or denominator against which dividends are paid, be they interim or final, by companies listed on the Nigerian Stock Exchange.

Elumelu owns 194,699,555 direct and 2,185,394,184 indirect shares, with the bank calculating his holdings at 2,380,093,739 shares. 

He bought indirect shares through three other companies HH Capital Limited, Heirs Holdings and Heirs Alliance. HH Capital Limited holds 140,843,816 shares, Heirs Holdings Limited 1,814,003,900 shares and Heirs Alliance Limited 231,086,468 shares. 

Last year, Elumelu made bold moves to strengthen his holdings in the bank despite the COVID-19 pandemic, purchasing a combined 76,641,154 shares in July and September.

Nairametrics reported that Elumelu bought 71,823,299 shares in July and 4,817,855 shares in September. The stake purchased on Sept. 22 from the Nigerian Stock Exchange went for an average price of N5.9999 ($0.012) per share.

Elumelu is a Nigerian economist, philanthropist and entrepreneur. He is the chairman of Heirs Holdings, UBA and Transcorp, and is the founder of the Tony Elumelu Foundation. Through Heirs Holdings, he invests in the financial services, energy, real estate and hospitality, agribusiness and healthcare sectors. 

Through establishing Africa’s foremost philanthropic non-profit organization in 2010, the Tony Elumelu Foundation (TEF), Elumelu has empowered 9,038 entrepreneurs with grants and other assistance and supported 1 million Africans on the continent via TEF Connect. In 2020, TIME named Elumelu among the world’s 100 most influential people.

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