Nigerian banker and businessman Tony Elumelu has strengthened his hold on United Bank for Africa UBA, one of the continents largest lenders, by raising his stake to more than 16 percent. With the position now valued at about 211 million, Elumelu ranks among the wealthiest investors on the Nigerian Exchange and stands out as one of the countrys richest individuals.
Tony Elumelu deepens commitment to UBA
The increase came after Elumelu, 62, chairman of Heirs Holdings, Transcorp Group and UBA, subscribed to successive rights issues launched by the bank between late 2024 and mid-2025. His backing supported strong uptake among shareholders and helped UBA move closer to meeting the Central Bank of Nigerias new minimum capital requirement of N500 billion 333 million. Over the six-month period his stake rose from 7.43 percent at the end of 2024 to 16.38 percent by June 30, 2025. That translates to more than 4.17 billion additional shares worth N196.4 billion 131.3 million bringing his total to 6.72 billion shares.