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The Chairman of United Bank of Africa (UBA), Tony Elumelu has more than doubled his shareholding in the bank to 16.3% with total direct and indirect ownership of 6.72 billion shares as at June 2025.
That is up from 2.54 billion total holdings of UBA as at December 2024, when Elumelu owned a 7.43%.
UBA had 41 billion shares outstanding as at 30th June 2025, up from 34.19 billion as at December 2024.
Elumelu increased his direct holding by more than six-fold to 1.5 billion shares, while indirect holdings surged 122% to 5.2 billion shares, between December 2024 and June 2025.
The indirect holdings consisted of 2.11 billion shares owned through Heirs Holdings Limited, 1.814 billion shares through HH Capital Limited, 1.33 billion shares held through STH Limited, 324.88 million shares through Eternal properties and 258.9 million shares through Heirs Alliance Limited.
The shares were worth N316 billion ($210 million) based on UBA’s closing price of N47 per share on Thursday.
United Bank for Africa (UBA) Plc is in the process of raising over N157 billion through a rights issue.
In a notice to trading licence holders, Nigerian Exchange Limited disclosed that UBA, through its stockbrokers, United Capital Securities Limited, has submitted an application for the approval and listing of a rights issue of 3,156,869,665 ordinary shares of 50 kobo each at N50.00 per share.
The offer is on the basis of one new ordinary share for every thirteen ordinary shares held, which has been confirmed as the qualification date.
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