Nigeria’s famend banker and businessman, Tony Elumelu, has acquired further shares within the United Financial institution for Africa (UBA) to consolidate his holdings within the Lagos-based monetary providers group.
In line with a notification of share dealing by an insider, printed on Wednesday, Could 10, after the shut of the Nigerian Alternate, Elumelu acquired 70 million shares within the main lender, amounting to N560 million ($1.21 million).
The transaction, which came about on the ground of the Nigerian Alternate on Tuesday, Could 9, was executed in a single transaction, at a median value of N8 ($0.0174) per share, by way of one among his funding autos, HH Capital Restricted.
With this newest buy, Tony Elumelu’s stake in UBA has elevated from 6.96 p.c, or 2,380,603,739 shares, to 7.17 p.c, or 2,450,603,739 shares, within the monetary providers group.
UBA, a pan-African financial institution, operates in 24 international locations throughout 4 continents, together with the UK, america, France, and the United Arab Emirates.
Tony Elumelu’s newest acquisition brings the market worth of his stake in UBA to N19.6 billion ($42.57 million), cementing his place as one of many wealthiest traders on the Nigerian Alternate.
The most recent transaction comes after UBA posted a 29.1 p.c surge in its revenue within the first quarter of 2023, from N41.5 billion ($90.1 million) within the corresponding interval of 2022 to N53.6 billion ($116.4 million), because of increased curiosity and non-interest revenue, in addition to value methods that successfully stored prices and bills at manageable ranges.
On account of a considerable enhance in earnings, UBA’s whole property rose from N10.86 trillion ($23.6 billion) to N11.36 trillion ($24.7 billion), whereas its retained earnings expanded from N429.53 billion ($932.9 million) to N479.95 billion ($1.04 billion).