The Chairman of the United Bank for Africa (UBA) Plc, Tony Elumelu, has significantly boosted his equity stake in the bank with the acquisition of over 1.26 billion shares, worth approximately N43.9 billion. This substantial insider purchase, made through multiple tranches on the Nigerian Exchange Limited (NGX), is one of the largest insider share deals in Nigeria’s banking history in recent years.
According to a notification of insider trading submitted to the NGX and signed by UBA’s Group Company Secretary, Bili Odum, Elumelu acquired a total of 1,267,669,350 ordinary shares between May 29 and May 30, 2025. The shares were bought at various price points ranging from N34.55 to N34.75 per unit, with an average price of N34.64 per share.
The transactions were executed in batches of 50 million shares, revealing Elumelu’s strategic and methodical approach to deepening his ownership in the tier-1 lender. Financial experts describe the move as a clear show of confidence in the long-term value and profitability of UBA, which operates in 20 African countries, the United Kingdom, France, and the United Arab Emirates.
This acquisition is widely seen as a strategic consolidation by Elumelu, a renowned banker and investor who holds the national honour of Commander of the Federal Republic (CFR). Industry analysts say the move is likely to strengthen investor confidence in UBA and the broader banking sector.
“Insider transactions of this magnitude send a strong signal to the market,” said Bode Adewale, an equity analyst at Zenith Securities. “It reflects the Chairman’s conviction about the bank’s trajectory and reassures minority investors about its stability and growth prospects.”
In a related development, Heirs Holdings Limited, the investment conglomerate founded by Elumelu, also acquired 45.03 million UBA shares at N34.30 per share. The acquisition, conducted between May 22 and May 23, 2025, underscores the strategic alignment between Elumelu’s personal investment philosophy and the broader corporate objectives of his business empire.
UBA has maintained a robust growth profile in recent quarters, reporting strong earnings, expanding digital offerings, and growing its customer base across Africa. The bank posted impressive results in Q1 2025, with profits rising on the back of strong net interest margins, improved cost management, and digital banking adoption.
Elumelu’s fresh stake purchase aligns with UBA’s aggressive expansion and innovation strategy, positioning the bank as a pan-African financial powerhouse. Market watchers believe that the Chairman’s continued investment in the institution could pave the way for deeper restructuring, product innovation, and strategic regional dominance.
Beyond his banking interests, Elumelu has remained vocal on national development issues. During a recent business summit, he urged Nigerian leaders to prioritise investment in critical infrastructure, particularly security and electricity, as a foundation for sustainable economic growth.
“Without reliable electricity and security, our economy cannot compete,” Elumelu said. “We must create an enabling environment for businesses and investors to thrive.”
Elumelu’s latest acquisition is expected to consolidate his influence on UBA’s board and strategic direction, while also potentially leading to stronger returns for shareholders in the near to medium term. His demonstrated commitment to the bank’s future may also spur interest from institutional investors both locally and internationally.
UBA shares have gained momentum on the NGX in recent months, driven by improved market sentiment and resilient earnings. With this development, analysts expect increased liquidity and trading volumes on the stock.
Tony Elumelu’s N43.9 billion share purchase in UBA is more than just an investment move—it’s a powerful signal of leadership confidence, corporate stability, and strategic consolidation. As the bank charts its path through a challenging economic environment, the increased stake held by its chairman could serve as a catalyst for further transformation and investor trust.