UBA Chairman Tony Elumelu Acquires Over N43 Billion in Shares Amid Capital Raise Plans

In a move to strengthen his stake in United Bank for Africa (UBA), Chairman Tony Elumelu purchased shares valued at N43.91 billion over two days, May 29 and 30, 2025. The acquisition, disclosed in a regulatory filing by UBA’s Group Company Secretary, Bili Odum, involved 1,267,669,350 shares bought at an average price of N34.64 per share.

Elumelu’s purchase included 50 million shares at prices between N34.55 and N34.75, plus 17,669,350 shares at N34.70. This transaction marks his second major share purchase in May, following a May 23 acquisition of 45,034,044 shares at N34.30 each.

The share buyback comes as UBA prepares to meet the Central Bank of Nigeria’s directive requiring banks with international licenses to increase their capital base to N500 billion by March 2026. UBA plans to raise an additional N144.8 billion in Q3 2025, supplementing its current capital base of N355.2 billion. Elumelu has reassured investors that the capital increase will be finalized before the regulatory deadline.