Tony Elumelu, Nigerian business magnate and chairman of United Bank of Africa (UBA), has witnessed a substantial surge in his wealth, amounting to $5.11 million, over the past three weeks driven by the surge in the shares of UBA, one of Africa’s leading financial services providers.
According to data tracked by Billionaires.Africa, Elumelu, widely acknowledged as one of Africa’s most influential business figures, has seen the market value of his shares in UBA grow by N3.92 billion ($5.11 million) in the past three weeks.
This recent boost in wealth follows closely on the heels of the $1.61-million interim dividends that he is poised to receive on Oct. 6, as initially reported by Billionaires.Africa on Sept. 16.
UBA, a key player in the financial services sector, boasts a robust presence in 24 African countries, the United Kingdom, France, and the United Arab Emirates. It stands out as the sole African bank with a commercial deposit presence in the United States, proudly serving more than 35 million customers worldwide.
Elumelu, with his 7.17-percent stake in UBA, equivalent to 2,450,603,739 ordinary shares, not only ranks as one of the most affluent investors on the Nigerian Exchange but also as one of the wealthiest individuals in the country. He is also recognized as one of Nigeria’s richest bankers.
The recent surge in UBA’s shares, which has witnessed a remarkable 10.23-percent increase over the past three weeks, has elevated the bank to the top ranks as one of the most valuable institutions on the Nigerian Exchange.
UBA’s share price has risen from N15.15 ($0.0197) on Sept. 13 to N16.70 ($0.0219) at the time of this report. This upswing has propelled the bank’s market capitalization to a staggering N571 billion ($745 million).
The ripple effect of this double-digit surge in UBA shares is evident in the market value of Elumelu’s stake in the bank. His stake, which was valued at N38.3 billion ($49.98 million) on Sept. 13, has now surged to an impressive N42.21 billion ($55.10 million) at the time of this report.
This marks a noteworthy increase of N3.92 billion ($5.11 million) over the past three weeks for the accomplished businessman.
This underscores Elumelu’s continued prominence as a major player in Nigeria’s financial landscape and the banking industry at large. It also reflects the robust performance and resilience of United Bank of Africa in the face of dynamic market conditions.
