Billionaire Tony Elumelu buys 1.2 billion more UBA shares as bank races to meet CBN recapitalisation deadline

• Tony Elumelu, president of United Bank for Africa, has been gradually expanding his involvement successful the UBA group
• The billionaire has spent heavy to acquisition implicit 1 cardinal UBA shares successful May, consolidating his presumption arsenic a large shareholder
• Meanwhile, UBA is inactive gearing up for the superior raising workout that volition travel up successful the 3rd 4th of 2025

Legit.ng journalist Ruth Okwumbu-Imafidon has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.

The Chairman of the United Bank for Africa (UBA) Group has purchased implicit 1.2 cardinal shares successful the slope wrong 2 days.

This comes hardly a week aft a smaller acquisition of 45 million shares and suggests that the billionaire is consolidating his presumption arsenic bulk shareholder up of the adjacent superior raising exercise.

The details of the transaction were contained successful a regulatory filing to the Nigerian Exchange Group (NGX) connected Monday, 2 June 2025, and signed by the Group Secretary, Bili Odum.

The caller moves consolidate his presumption arsenic a bulk shareholder successful the company. Photo credit: UBA Group
Source: UGC

According to the document, the aggregate transactions happened betwixt Thursday, 29 May, and Friday, 30 May 2025.

Tony Elumelu spends N43.9 cardinal to get much UBA shares

The filing reveals that the billionaire spent N43.91 cardinal successful respective transactions to bargain 1,267,669,350 (1.2 billion) UBA shares astatine an mean terms of N34.64 per share.

Out of the purchase, Elumelu bought 17,669,350 shares astatine N34.70 per share, and different 50,000,000 shares astatine prices ranging from N34.70 to N34.55.

Elumelu had announced his plans to summation his involvement successful the tier 1 slope sometime successful May, and the caller purchases corroborate his intentions.

Tony Elumelu spends N1.53 cardinal to bargain 45 cardinal UBA shares

Legit.ng reported that Elumelu besides made immoderate large purchases connected 23 May, spending about N1.53 billion to bargain 45,034,044 shares astatine N34.3 per share.

All of these moves from the concern tycoon and industrialist suggest that determination could beryllium large quality up for the UBA group.

Meanwhile, Elumelu's lipid company, Heirs Energies, is besides gearing up to hit 100,000 barrels of crude lipid accumulation daily.

UBA to rise further superior up of CBN deadline

As the Central Bank of Nigeria (CBN) recapitalisation deadline draws closer, respective banks are making moves to conscionable the people and clasp their existent banking licence.

UBA announced connected 25 April 2025 that it would beryllium embarking connected different superior raising workout successful Q3 2025.

Elumelu disclosed astatine the clip that the slope would besides beryllium exploring backstage investments, among different options.

Tony Elumelu is an advocator of africapitalism, and spends heavy to promote African entrepreneurs. Photo credit: Pius Utomi Ekpei
Source: Twitter

This workout would assistance rise further N144.8 billion, arsenic UBA works towards raising the afloat superior earlier CBN’s 30 March 2026 deadline.

UBA named Nigeria's strongest brand

In related news, United Bank for Africa (UBA) and First Bank person been listed arsenic Nigeria’s strongest banking brands, delivering worth and lawsuit satisfaction.

A caller study from a UK-based steadfast reveals that UBA emerged the strongest Nigerian brand this year, with a Brand Strength Index (BSI) people of 92.4/100 and a triple-A-plus rating.

According to Brand Finance, UBA displaced GT Bank from the apical position, rising from ninth spot successful past year’s ranking.

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Source: Legit.ng