Elumelu Increases UBA Stake To 5.43% With N1.54bn Share Purchase
Heirs Holdings Limited, the pan-African investment company chaired by billionaire entrepreneur Tony Elumelu, has increased its equity stake in United Bank for Africa Plc (UBA) following the acquisition of over 45 million shares valued at approximately ₦1.54bn.
The transaction was disclosed in a notice filed with the Nigerian Exchange Group (NGX) and seen by THE WHISTLER.
According to the filing, Heirs Holdings acquired 45,034,044 ordinary shares at a price of ₦34.30 per share between May 22 and May 23, 2025.
This acquisition raises Heirs Holdings’ total shareholding in UBA from 5.30 per cent (representing 1,814,003,900 shares) to 5.43 per cent, equivalent to 1,859,037,944 shares. The company remains the only shareholder with more than a 5 per cent stake in the bank.
Following the announcement, UBA’s trading activity surged, with 60.7 million shares exchanged on May 22 and 45.1 million shares on May 23, reflecting heightened investor interest. The bank’s stock also recorded a price gain of over 3 per cent, closing at ₦34.45 on May 23.
The development comes amid strong financial results from UBA for the first quarter of 2025, which may have contributed to the bullish sentiment surrounding the stock. The bank reported a 30.65 per cent year-on-year increase in profit before tax, reaching ₦204.2bn, driven largely by robust interest income.
Total interest income climbed 36.09 per cent to ₦599.8bn, with loans and advances to customers contributing ₦260.56bn, up 31 per cent from the same period in 2024. Income from investment securities grew by 44.96 per cent to ₦291.8bn, while cash balances generated ₦47.42bn.
In addition to its interest-based revenue, UBA also recorded notable gains from non-interest income, including ₦47.84bn from electronic banking (a 7.86 per cent increase), ₦29.66bn from transactional commissions, and ₦10.39bn in maintenance fees.
On the balance sheet side, the bank maintained healthy fundamentals, with customer deposits rising to ₦22.8tn, a 4.43 per cent increase, and total assets growing by 4.58 per cent to ₦31.7tn as of Q1 2025.
The increased investment by Heirs Holdings underscores sustained confidence in UBA’s growth trajectory and performance outlook. With Elumelu’s longstanding association with the bank, serving as its former CEO and current Chairman, the move reinforces the alignment of strategic interests between Heirs Holdings and UBA.
Elumelu Increases UBA Stake To 5.43% With N1.54bn Share Purchase is first published on The Whistler Newspaper
