Nigerian Billionaire Tony Elumelu Makes Big Move, Buys More UBA Shares

• Tony Elumelu, chairman of United Bank for Africa, recently purchased over 45 million shares, increasing his stake in the company
• UBA is raising its capital base from N355.2 billion to N500 billion to meet the CBN's mandate for commercial banks with foreign licenses
• The bank plans to complete this capital increase by the third quarter of 2025, ahead of the CBN's March 2026 deadline

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The chairman of United Bank for Africa (UBA), Tony Elumelu, has purchased more than 45 million shares in the company.

The transaction was disclosed by the group's company secretary, Bili Odum, in a regulatory filing on the Nigerian Exchange Group (NGX) on Tuesday, May 27, 2025.

According to Odum, 45,034,044 shares were purchased on May 23, 2025, at N34.3 apiece, for a total transaction value of roughly N1.53 billion.

Elumelu increased his ownership of UBA shares by 161.9 million in 2023, from 2.38 billion in 2022 to 2.54 billion (direct and indirect), and on May 25, 2024, the business tycoon shared plans to further increase his stake in the company.

Following a mandate from the Central Bank of Nigeria (CBN) requesting that commercial banks with foreign licenses enhance their capital base to N500 billion, the corporation is currently attempting to raise funds.

The UBA chairman said on April 25 that the bank would increase its current capital base of N355.2 billion by N144.8 billion in the third quarter (Q3) of 2025.

He assured that the final capital raise will be completed ahead of the CBN deadline.

According to the CBN, banks have until March 2026 to comply with the new mandate.

Elumelu shares why he's diversifying into oil

Legit.ng earlier reported that Elumelu shared his reasons for diversifying into the oil and gas sector.

The billionaire businessman shared this at the Legacy Builders Palm Beach Conference held in Florida, United States, on the theme: “Democratising Luck”.

He noted that Africa is a continent full of opportunities, and Nigeria possesses vast resources to tap into these prospects. He, however, said the power supply remains a major challenge to be overcome.

Elumelu explained that his business group acquired one of Nigeria’s top three electricity distribution companies to help change that narrative and contribute to resolving fundamental business obstacles

The UBA group chairman also explained why he decided to spread his portfolio from banking to include power, healthcare, real estate, technology and others, The Nation reports.

He said that Africa’s population is about 1.5 billion and is projected to double by 2050. The continent also has 24 out of the world's 25 fastest-growing populations, with a median age of 19 years.

Elumelu's company to hit 100,000 bpd

Legit.ng earlier reported that as the federal government of Nigeria continues the drive towards increasing crude oil production, Heirs Energies is staking its place among the top producers.

Since acquiring the OML 17 from the former owner, Heirs Energies has moved its production from 25,000 barrels per day, past N50,000 bpd, and is now targeting 100,000 barrels per day.

Chief Executive Officer (CEO) of Heirs Energies, Osayande Igiehon, disclosed these plans while speaking at the inaugural Congo Energy & Investment Forum held in Brazzaville.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng