Nigerian businessman Tony Elumelu reaps $2.36 million gains from UBA share increase

Tony Elumelu, a prominent Nigerian businessman and philanthropist, has recorded a significant boost in his net worth since the start of the year, with his stake in United Bank for Africa Plc (UBA), one of the country’s leading banking groups, increasing by $2.36 million in the past 17 days.

UBA, one of Nigeria’s leading financial services groups, is a pan-African bank that operates in 24 countries on four continents, including the UK, United States, France, and, most recently, the United Arab Emirates. The bank is considered one of the leading banks on the continent and is a major player in the Nigerian financial services industry.

Elumelu, a leading Nigerian businessman who is widely regarded as one of the most influential business executives on the continent, owns a significant 6.9-percent stake in the financial services group. His stake in the pan-African bank is presently worth around $42 million at the time of drafting this report.

As of press time on Jan. 17, shares in the leading banking group were trading at N8.05 ($0.0178), which is 63 basis points higher than the group’s share price at the opening of the Nigerian Exchange this morning. This single-digit increase has pushed UBA’s market capitalization above the $600-million mark.

Since the start of the year, shares in the leading group have risen by nearly six percent, rising from N7.6 ($0.0168) at the close of the Nigerian Exchange last year to N8.05 ($0.0178) at the time of drafting this report. This has led to a significant increase in the market value of Elumelu’s stake in the financial services group, from N18.09 billion ($39.92 million) at the start of the year to N19.17 billion ($42.29 million).

This bump in the market value of his stake translates to a total gain of N1.071 billion ($2.36 million) for the Nigerian businessman, and this further cements his status as not only one of the richest investors on the Nigerian Exchange but as one of the richest men in the country.

Elumelu is not only known for his business acumen, but also for his philanthropic efforts. He is the founder of the Tony Elumelu Foundation, which aims to empower African entrepreneurs by providing them with mentorship, funding, and other resources. The foundation has empowered more than 15,000 entrepreneurs from 54 African countries since its inception in 2010.