Billionaire Chairman of the United Bank Of Africa Plc, UBA, Tony Elumelu has purchased an additional 2, 199, 373 shares from the top lender.
In a statement signed by Bili A. Odum, Company Secretary, UBA, and released on the floor of the Nigerian Stock Exchange, NSE, the bank stated that Mr. Tony O. Elumelu bought the shares on Wednesday, July 22, 2020, from the Nigerian Stock Exchange in Lagos at an average price of N6.15 per share.
This follows the acquisitions of 62,643,500 and 6,980,426 shares purchased between July 20 and 21, 2020. This brings the total of shares that Elumelu has purchased in July to 71,823,300.
He is expected to make more purchases in the coming days. This development, Insiders in the top tier lender is to further consolidate his position in the bank.
Recall that Elumelu and his subsidiary companies hold the largest share in the top-rated bank. His total shareholding in the bank was put at 2.30 billion in both direct and indirect shares. His holdings include 140, 840 million shares in HH Capital Limited, 1.74 billion shares in Heirs Holdings Limit and 231, 086 million shares in Heirs Alliance Limited, and many others.
Elumelu was born in Jos, Plateau State, Nigeria, in 1963. He hails from Onicha-Ukwu in Aniocha North Local Government Area of Delta State. Elumelu started his career in Union Bank as a Youth Corp member of the National Youth Service Corps in 1985. In his early career, Elumelu acquired Standard Trust Bank in 2005, and United Bank for Africa (UBA) was acquired afterward.
Following his retirement from UBA in 2010, Elumelu founded Heirs Holdings, which invests in the financial services, energy, real estate and hospitality, agribusiness, and healthcare sectors. In the same year, he established the Tony Elumelu Foundation, an Africa-based and African-funded philanthropic organization.
