Tony Elumelu increases stake in UBA with N560m shares

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

This followed a claim by the billionaire businessman, Femi Otedola, that Elumelu had sold his investment in UBA.

He purchased 70 million shares in UBA on Tuesday through his investment company, HH Capital Limited, in the Nigerian stock market.

Elumelu, who is also the chairman of Transcorp Plc, paid N560 million for the shares to raise his controlling stake in the bank to 7.16 percent 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.

READ ALSO: UBA’s net profit rises by 43.4%, generates N78.94bn from ATM, POS, others

This increased Elumelu’s investment in UBA to N19.48 billion with his shares in the bank rising from 2.38 billion valued at N18.92 billion to 2.45 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).

Elumelu acquired the shares on the same day his former business partner alleged that he double-crossed him on the UBA deal.

Otedola said the UBA chairman approached him for financial support during the acquisition of the bank, adding that when he went bankrupt, Elumelu used his shares to service loans he took from the bank.

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