The United Bank for Africa (UBA), a pan-African bank that operates in 24 countries, has seen its shares rise after Tony Elumelu, a Nigerian businessman and banker, bought 70 million shares.
Tony Elumelu, a Nigerian entrepreneur and banker, has increased his stake in the United Bank for Africa (UBA), a leading financial services group based in Lagos.
On Wed., May 10, the Nigerian Exchange published a notice of insider share dealing, which revealed that Elumelu bought 70 million shares of the bank, worth N560 million ($1.21 million).
The deal was done on Tues., May 9, in a single transaction, at an average price of N8 ($0.0174) per share, through his investment company, HH Capital Limited.
This purchase has raised Elumelu’s shareholding in UBA from 6.96 percent, or 2,380,603,739 shares, to 7.17 percent, or 2,450,603,739 shares. UBA is a continental bank that operates in 24 countries across four continents, including the United Kingdom, the United States, France, and the United Arab Emirates.