Nigerian businessman Tony Elumelu gains $4.1 million in just one week from UBA

Yusuf Abdulfatai -

Tony Elumelu, Nigerian business magnate and chairman of United Bank of Africa (UBA), has witnessed a substantial increase in his stake within just one week, attributed to the sustained upswing in UBA’s shares, further cementing his position as one of Africa’s most influential business figures.

According to data tracked by Billionaires.Africa, Elumelu’s stake in UBA has surged by an impressive N3.16 billion ($4.14 million) in just one week, as investors mopped up more shares in the financial services group, showcasing their confidence in the financial institution.

This notable gain follows the substantial $12 million increase in Elumelu’s stake in UBA between Sept. 12 and Oct. 13, when his shares increased from N34.88 billion ($45.5 million) to N44.36 billion ($57.86 million), highlighting the impressive growth in his investment.

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 over 35 million customers worldwide.

Elumelu, with his 7.39-percent stake in UBA, equivalent to 2,527,372,285 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.

In recent times, UBA’s shares on the Nigerian Exchange have increased by 7.12 percent in just one week, rising from N17.5 ($0.0233) on October 13 to N18.80 ($0.025) at the time of drafting this report. This surge has propelled the group’s market capitalization above $840 million.

With the recent upturn in the bank’s shares, the market value of Elumelu’s stake in UBA has surged by N3.16 billion ($4.14 million) in one week, rising from N44.36 billion ($58.06 million) on October 13 to N47.51 billion ($62.20 million) at the time of drafting this report.