Nigerian businessman Tony Elumelu has experienced a significant surge in his wealth as his stake in United Bank for Africa (UBA) edges closer to the $50 million mark.
The recent surge in Elumelu’s stake marks a noteworthy recovery from the impact of the devaluation of the Nigerian currency. In February, amid the country’s second devaluation in eight months, his stake had dipped below $35 million.
However, buoyed by the recent surge in UBA shares and the strengthening of the Nigerian naira against the U.S. dollar, Elumelu’s stake in UBA has increased by $15.6 million over the past 23 days to $48.4 million, closer to the $50 million mark.
Elumelu’s stake in UBA hits $48.4 million on market upswing
United Bank for Africa (UBA), a leading pan-African financial services group, has recovered from a recent share price decline. The stock has surged 31.7 percent since Feb. 28, when it briefly dipped to N20.50 (around $0.013) from a level above N30 (approximately $0.022).
The recent surge in UBA shares, coupled with the recent strengthening of the Nigerian naira against the U.S. dollar, has significantly boosted the market value of Elumelu’s stake in UBA. It now stands at N68.2 billion ($48.4 million) at the time of drafting this report.
Elumelu’s visionary leadership continues to drive UBA forward as a pivotal player in fostering economic growth and financial inclusion across the continent, further cementing his legacy as a leading figure in Africa’s business landscape.
Tony Elumelu: African tycoon empowering a new generation of business leaders
Additionally, his commitment to supporting Africa’s aspiring business leaders remains unwavering, as demonstrated through the Tony Elumelu Foundation (TEF), which recently provided more than 1,000 young men and women from all 54 African countries with a non-refundable seed capital exceeding $5 million.
Elumelu’s rising wealth and strategic maneuvers solidify his position as a leading investor on the Nigerian Exchange, a top businessman in Nigeria, and a key figure in Africa’s development narrative. As his stake in UBA approaches $50 million, Elumelu’s influence and commitment to Africa’s economic prosperity remain undeniable.