The fortune of Nigerian banking tycoon Tony Elumelu took a massive dent of N4.4bn ($10.4m) in 27 weeks following a decline in the market value of his stake in the United Bank for Africa (UBA).
In the first six weeks of 2022, the banking Czar recorded more than $4.5 million before his stakes in the international bank took a hit which has seen him lose a whopping N4.4bn in about 27 weeks, a report by Billionaire Africa has indicated.
Elumelu, over the years, has emerged as one of the most powerful businessmen in Africa through his foray into the banking, and insurance sectors. A serial entrepreneur, he owns a sizeable 6.96-per cent stake in the banking group, or 2,380,941,756 ordinary shares and has played a critical role in transforming the Nigerian banking space through the growth and expansion of UBA under his leadership.
Shares in the financial services group were valued at N7 ($0.0167) as of press time on August 18, 2022, representing 72 basis points lower than their opening price on the Nigerian Exchange in the morning, giving the banking group a market capitalisation of N239 billion ($568.6 million).
Since February 10, 2022, exactly 27 weeks ago, UBA shares on the exchange have fallen from N8.85 ($0.0211) to N7 ($0.0167) as of the time this report was filed, resulting in a total of 21-per cent loss for shareholders.
This development has seen the market value of Elumelu’s 6.96-per cent stake dropping from N21.07 billion ($50.13 million) on February 10 to N16.67 billion ($39.65 million) at the time of writing this report.
United Bank for Africa Plc (UBA) is a Multinational pan-African financial services group headquartered in Lagos and known as Africa’s Global Bank. It has subsidiaries in 20 African countries and offices in the United Kingdom, United States, France, and, most recently, United Arab Emirates.
