By NIyi JACOBS
Tony Elumelu, chairman of United Bank for Africa (UBA), has increased his ownership in the bank to 20.5%, following a N1.53 billion share acquisition.
According to a regulatory filing by the bank’s group company secretary, Bili Odum, Elumelu acquired 45,034,044 additional shares on May 23, 2025, at N34.30 each on the Nigerian Exchange Group (NGX). The transaction raises Elumelu’s total direct and indirect holdings to 2.59 billion shares, up from 2.54 billion in 2023.
With UBA’s total outstanding shares standing at 12.55 billion, the billionaire now controls approximately 20.5% of the bank — still below the 25% threshold often associated with significant controlling influence.
The share acquisition follows Elumelu’s May 2024 announcement to raise his stake in UBA, aligning with the bank’s capitalisation drive prompted by new regulations from the Central Bank of Nigeria (CBN). The apex bank now requires banks with international licences to raise their minimum capital base to N500 billion by March 2026.
UBA plans to raise N144.8 billion in Q3 2025 to meet this requirement, having already recorded a capital base of N355.2 billion. Elumelu has said the bank will meet the target well ahead of the deadline.
The acquisition reinforces investor confidence and signals the chairman’s long-term commitment to UBA’s growth and leadership in Nigeria’s banking sector.
