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Tony Elumelu, Nigerian business magnate and chairman of United Bank for Africa (UBA), has witnessed a substantial surge in his wealth, amounting to about $20 million, over the past 55 days from his shares in 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 N14.95 billion ($19.33 million) in the past 55 days.
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 7.39-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.
The recent 44.2-percent increase in UBA shares over the past 55 days, has elevated the bank to the top ranks as one of the most valuable institutions on the Nigerian Exchange, with a market capitalization of N681 billion ($880.14 million) at the time of drafting this report.
In recent times, UBA’s share price has risen from N13.80 ($0.0197) on Aug. 30 to N19.90 ($0.0219) at the time of this report. This upswing has propelled the bank to the rank of the 13th most valuable stock on the Nigerian Exchange (NGX).
Ripple effect: UBA’s double-digit share surge impacts Tony Elumelu’s fortune
The ripple effect of this double-digit percent surge in UBA shares has significantly impacted Elumelu’s stake in the bank, which was valued at N33.82 billion ($43.73 million) on August 30. As of this report, his stake has increased to N48.77 billion ($63.06 million), a significant increase of N14.95 billion ($19.33 million) over the past 55 days.
UBA, in recent times, has sent shockwaves through financial markets with its financial performance since the start of the year. According to recently published figures, UBA, under Elumelu, recorded a 437.8-percent surge in profit, skyrocketing from N70.34 billion ($94.7 million) in the first half of 2022 to N378.23 billion ($512.4 million) in the corresponding period of 2023.
This remarkable upswing can be attributed to the revaluation of investment securities in naira terms. This occurred following the unification of the naira in the second quarter of 2023, which resulted in a foreign exchange revaluation gain of N418.27 billion ($566.6 million) in the initial half of 2023.
