Recent Acquisition of UBA Shares by Elumelu’s Wife and Firm

It is believed that this move aims to strengthen the control of UBA’s chairman, Tony Elumelu, as observed by capital market operators. Elumelu had previously been increasing his stake in the business.

As of December 2022, Tony Elumelu held 194,669,555 shares directly, and 2,185,934,184 units indirectly. Subsequently, his indirect shareholding had increased to 2,332,702,730 units according to UBA’s half-year report.

Furthermore, Elumelu’s investment vehicle, HH Capital Limited, purchased 13,571,795 UBA shares, amounting to about N280.94 million. This transaction took place on the NGX platform in Lagos and was detailed in the bank’s interim consolidated financial statements for June 30, 2023.

In addition to these acquisitions, the Group Managing Director of UBA, Oliver Alawuba, also acquired a substantial number of the bank’s shares, totaling over N2.95 million. Alawuba now holds 14,516,953 units of UBA shares directly, based on the bank’s half-year report.