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Nigerian banker and influential business executive Tony Elumelu has witnessed a significant decline in the market value of his stake in United Bank for Africa (UBA), as shares in the bank suffered a major pullback as wary investors booked profits from their positions.
According to data tracked by Billionaires.Africa, the market value of his UBA stake has dropped by N2.57 billion ($3.26 million) since Sept. 1, a period marked by investors reducing their exposure to the shares of Nigerian financial services firms.
UBA, a dominant force in Nigeria’s financial services industry with a strong presence in 24 countries across four continents, including the UK, the United States, France, and the United Arab Emirates, holds a pivotal position in the African financial landscape.
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.
However, over the past eleven days, UBA’s share price experienced a sharp decline of 7.05 percent, plummeting from N14.90 ($0.0189) on Sept. 1 to N13.85 ($0.0176) at the time of drafting this report. As a result, the bank’s market capitalization has fallen to N474 billion ($600 million), placing it as the 15th most valuable company on the Nigerian Stock Exchange.
The downturn in UBA’s share price has resulted in a N2.57-billion ($3.26 million) decrease in the market value of Elumelu’s stake in the prominent financial group, falling from N36.51 billion ($46.29 million) on Sept. 1 to N33.94 billion ($43.03 million) at the time of writing this report.
Despite this substantial loss, Elumelu retains his status as one of the wealthiest investors in the local bourse and continues to be one of Nigeria’s most affluent businessmen. His influence on the continent’s economic landscape remains significant despite market fluctuations.
