Building on the impressive gains he recorded in 2023, Nigerian businessman and chairman of United Bank for Africa (UBA), Tony Elumelu, has kicked off the new year 2024 with gains running to millions of dollars as his stake in UBA — one of Africa’s leading financial services providers — continued to surge mirroring the impressive increase in banks stocks this year.
According to data tracked by Billionaires.Africa, Elumelu — widely recognized as one of Africa’s most influential business figures — has seen the market value of his stake in UBA surge by N13.5 billion ($14.1 million) since the start of the new year, driven by the recent surge in the bank’s shares on the Nigerian Exchange (NGX).
UBA shares surge by over 20 percent pushing market cap above $1 billion
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.
Since the start of the year, UBA shares on the Nigerian Exchange have increased from N25.65 ($0.027) to N31 ($0.032), thus pushing its market capitalization above $1 billion and cementing its position as the ninth most valuable company on the local bourse.
Tony Elumelu’s UBA stake soars above $80 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.
The surge in UBA shares has elevated the market value of Elumelu’s stake from N64.83 billion ($67.61 million) on Jan. 1 to N78.35 billion ($81.71 million) since the beginning of the new year 2024, marking an increase of N13.52 billion ($14.10 million) for the leading businessman.
As this surge solidifies his position as one of Africa’s richest individuals, Elumelu’s visionary leadership continues to propel UBA forward as a key player fostering economic growth and financial inclusion across the continent.