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Nigerian businessman and philanthropist Tony Elumelu experienced a notable upswing in the market value of his stake in United Bank for Africa (UBA) on July 21, witnessing an impressive increase of $4.3 million in just one day.
Elumelu, widely recognized as one of Africa’s most influential businessmen, had previously encountered a setback of $1.1 million due to the devaluation of the naira. Despite this temporary dip, he retains his status as one of the wealthiest investors on the Nigerian Exchange and remains counted among Nigeria’s richest businessmen.
As of this report, Elumelu holds a substantial 7.17-percent stake in UBA, equivalent to 2,450,603,739 ordinary shares with a market value of $47 million.
According to data tracked by Billionaires.Africa, the market value of his UBA stake skyrocketed from N33.21 billion ($42.80 million) on July 20 to N36.51 billion ($47.06 million) on July 21, representing a staggering increase of N3.31 billion ($4.26 million) within a single day.
This impressive boost comes after UBA shares on the Nigerian Exchange surged by a significant 9.96 percent, rising from N13.55 ($0.0285) on July 20 to N14.90 ($0.0365) at the time of writing this report. The surge has resulted in substantial gains for investors on the local bourse.
UBA now stands as one of the most valuable companies on the Nigerian Exchange, boasting a current share price of N14.90 ($0.04) and a market capitalization of N510 billion ($657 million).
With a pan-African presence across 24 countries spanning four continents, including the United Kingdom, the United States, France, and the United Arab Emirates, UBA continues to solidify its position as a significant player in the financial sector.
Elumelu’s impressive gains in UBA, amid a surge in the bank’s share price, further cement his status as a leading figure in Africa’s business landscape and underscore UBA’s resilience and strong performance in the financial market.
