Tony Elumelu, chairman of the United Bank for Africa (UBA), has acquired N43.9 billion worth of shares in the financial institution within two days.
Bili Odum, group company secretary, disclosed details of the transaction in a regulatory filing to the Nigerian Exchange Group (NGX) on Monday.
According to the filing, the transactions took place between May 29 and May 30.
Elumelu was said to have acquired a total of 1,267,669,350 shares at an average price of N34.64 per share, bringing the total value of shares bought to N43.91 billion.
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Details of the transactions showed that the billionaire businessman bought 50,000,000 shares at varying prices — N34.70, N34.65, N34.75, and N34.55 — as well as 17,669,350 shares at N34.70 per share.
This is the second time the mogul will acquire UBA shares in May.
On May 23, Elumelu bought 45,034,044 shares at N34.3 per share, bringing the value of that transaction to approximately N1.53 billion.
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The business mogul had announced plans to further increase his stake in the bank on May 25, 2024.
The development comes as UBA prepares to raise additional capital, following the Central Bank of Nigeria’s (CBN) directive requiring commercial banks with international licences to increase their capital base to N500 billion.
On April 25, the UBA chairman said the bank would raise N144.8 billion in the third quarter (Q3) of 2025 to add to its current capital base of N355.2 billion.
He assured that the full capital raise would be completed before the CBN’s deadline.
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