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Elumelu Rakes In $12 Million In 31 Days

- October 17, 2023

Tony Elumelu, Nigerian business magnate and chairman of the United Bank for Africa (UBA), has witnessed a remarkable surge in his stake over the past month, driven by the sustained upswing in UBA’s shares, solidifying his position as one of Africa’s most influential business figures.

According to data tracked by Billionaires.Africa, Elumelu’s stake in UBA has experienced a notable increase of N9.5 billion ($12.4 million) in the past 31 days, as investors eagerly acquired more shares on the Nigerian Exchange (NGX).

This substantial gain follows Elumelu’s earlier success, where his shares in UBA soared from N38.3 billion ($49.98 million) on September 12 to N42.21 billion ($55.10 million) on Oct. 4, marking a $5-million increase within a few weeks.

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 NGX but also as one of the wealthiest individuals in the country. He is also recognized as one of Nigeria’s richest bankers.

In recent times, UBA shares on the NGX have increased by 27.17 percent, rising from N13.80 ($0.018) on Sept. 12 to N17.55 ($0.023) at the time of drafting this report, thus pushing the group’s market capitalization above $780 million.

As a result of the recent increase in the bank’s shares on the NGX, the market value of Elumelu’s stake in the bank has surged by N9.5 billion ($12.4 million) in the past 31 days, soaring from N34.88 billion ($45.5 million) on September 12 to an impressive N44.36 billion ($57.86 million) at the time of this report.

Culled From Billionaires Africa

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