Tony Elumelu, the Nigerian business magnate and chairman of United Bank for Africa (UBA), has experienced a significant wealth gain as the share price of UBA — one of Africa’s leading financial services providers — surged by double digits, pushing its market capitalization above $1 billion in recent weeks.
According to data tracked by Billionaires.Africa, Elumelu — widely acknowledged as one of Africa’s most influential business figures — has experienced a notable N11.25 billion ($14.25 million) surge in the market value of his stake in UBA over the past 48 days, driven by the recent surge in the bank’s shares on the Nigerian Exchange (NGX).
UBA shares surge by 23.7 percent in 48 days, market cap crosses $1-billion threshold
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.
The recent 23.73-percent surge in the leading lender’s shares over the past 48 days has strengthened its position as one of the most valuable companies on the Nigerian Exchange — boasting a N793.44 billion ($1.01 billion) market capitalization at the time of writing.
In recent times, UBA’s shares on the floor of the Nigerian Exchange have surged from N18.75 ($0.0237) on Oct. 25 to N23.20 ($0.0294), solidifying its position as the 13th most valuable company on the local bourse.
Tony Elumelu’s UBA stake soars above $70 million
Elumelu — with his 7.39-percent stake in UBA, equivalent to 2,527,372,285 shares — stands out as one of the Nigerian Exchange’s most affluent investors and a prominent figure in Africa’s development landscape.
Through his diverse empowerment initiatives, Elumelu has directly or indirectly impacted millions of Nigerians and Africans, solidifying his reputation as a leading changemaker on the continent. Earlier this year, he invited African youth and entrepreneurs to apply for a $5,000 seed investment through his entrepreneurship program.
As a result of the double-digit percent increase in UBA shares, the market value of Elumelu’s stake in the lender has increased from N47.39 billion ($60.03 million) on Oct. 25 to N58.64 billion ($74.28 million) — an increase of N11.25 billion ($14.25 million) over the past 48 days.
Tony Elumelu elevates UBA to new Heights in Africa’s financial landscape
With the recent surge in his stake solidifying his position as one of Africa’s richest individuals, Elumelu’s visionary leadership continues to propel UBA (United Bank for Africa) forward as a key player in driving economic growth and financial inclusion across the continent.
In a strategic move, UBA partnered with the AfCFTA secretariat in September 2023, unveiling a groundbreaking $6 billion initiative to boost SME growth across Africa. This partnership focuses on developing SMEs in four crucial sectors: agro-processing, automotive, pharmaceuticals, and transport and logistics.