Renowned Nigerian tycoon Tony Elumelu, who chairs the pan-African financial juggernaut, United Bank of Africa (UBA), has seen his wealth surge by millions of dollars, courtesy of a remarkable resurgence in the company’s stock value.
According to the data gathered by Billionaires.Africa, Elumelu, recognized as one of Africa’s most influential businessmen, has seen his shares in UBA increase by N2.33 billion ($3.07 million) over the past 32 days.
This followed a significant loss of $3.1 million, which caused his stake in UBA to dip from N36.51 billion ($48.1 million) on July 21 to N34.2 billion ($45.04 million) on Aug. 1.
UBA is a dominant force in the financial services industry, with a strong presence in 24 countries in Africa, the United Kingdom, France, and the UAE.
UBA is the sole African bank with a commercial deposit presence in the United States. Serving more than 35 million customers worldwide.
Elumelu, with a 7.17-percent stake in UBA, or 2,450,603,739 ordinary shares, ranks not only as one of the richest investors on the Nigerian Exchange but as one of the richest men in the country. He also holds the distinction of being one of the richest bankers in the country.
Since Aug. 1, UBA shares on the Nigerian Exchange have increased by 6.81 percent, rising from N13.95 ($0.0184) on Aug. 1 to N14.90 ($0.0197) at the time of writing this report. This surge has resulted in substantial gains for investors on the local bourse.
UBA’s remarkable stock performance has catapulted the bank into the ranks of the most profitable banks on the Nigerian Exchange. UBA commands a share price of N14.90 ($0.04), underpinning a robust market capitalization of N510 billion ($673 million).
As a result of the single-digit increase in UBA shares, the market value of Elumelu’s stake in UBA has surged from N34.2 billion ($45.2 million) on Aug. 1 to N36.5 billion ($48.2 million) at the time of writing this report, marking an impressive increase of N2.33 billion ($3.07 million) over the past 32 days for the accomplished businessman.
Elumelu’s substantial gains in UBA, amid a robust resurgence in the bank’s share price, further solidify his standing as a leading figure in Africa’s business arena. The recent surge also underscores UBA’s resilience and position in the highly competitive financial market.
