Tony Elumelu Spends Over N500 Million to Buy More UBA Shares, Recoups Almost All in 48 Hours
- Tony Elumelu, the chairman of UBA, has invested over N500 million to purchase more shares of the bank
- The investment is seen as a strategic move by Elumelu to increase his influence in the bank
- Interestingly, just two days after the investment, he has made over N300 million as UBA share price soars
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Tony Elumelu, the Chairman of the United Bank for Africa (UBA), has made a significant investment by purchasing 70 million of the bank's shares, worth N560 million.
Elumelu purchased the shares on Tuesday, May 9, 2023, through his investment company, HH Capital Limited.
The purchase was disclosed in a document filed by UBA with the Nigerian Exchange Limited (NGX).
Source: UGC
Elumelu's new shares have raised his controlling stake in the bank to 7.16% from 6.96% reported at the end of December 2021.
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Elumelu's shares in UBA
At the end of December 2021, Elumelu's total stake in UBA stood at 2.38 billion (2,380,603,739) shares.
A breakdown shows that Elumelu 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 shares). His latest investment has increased it to 2.45 billion shares.
Value of Elumelu shares
When Elumelu increased his investment on Tuesday, UBA's share price closed at N7.5, putting the value of his 2.4 billion shares at N19.48 billion.
After trading on Thursday, May 11, 2023, UBA's share price closed at N8.10, increasing the value of Elumelu's shares to N19.84 billion.
This means that within 48 hours of making the new investment, Elumelu earned N367.5 million, almost entirely recovering the total amount spent on buying new shares.
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In another report, Legit.ng has provided a breakdown of commercial banks with the highest expenses on workers' salaries and other payments.
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Source: Legit.ng
