Elumelu buys additional N4.48bn worth of shares to increase stake in UBA

The Chairman of United Bank for Africa (UBA) Plc, Tony Elumelu has purchased more shares worth N4.48billion to increase his ownership stake in the lender.

The development comes amid claim by billionaire businessman, Femi Otedola, that Elumelu had sold his investment in UBA.

Elumelu purchased 560 million shares in UBA on Tuesday through his investment company, HH Capital Limited, in the Nigerian stock market.

He paid N4.48 billion for the shares to raise his controlling stake in the bank to 8.59 per cent from 6.96 percent reported at the end of December 2022.

He confirmed the development in a document UBA filed with the Nigerian Exchange Limited (NGX) on Wednesday.

The purchase increased Elumelu’s investment in UBA to N23.37 billion with his shares in the bank rising from 2.38 billion valued at N18.92 billion to 2.94 billion shares.

He owns a direct share of 194.66 million while his indirect shares are held through HH Capital Limited (700.84 million shares), Heirs Holdings Limited (1.81 billion shares), and Heirs Alliance Limited (231.08 million).