Tony Elumelu’s Heirs Holdings Acquires N1.54bn Valued UBA Shares
Tony Elumelu’s investment firm, Heirs Holdings Limited, has expanded its position in United Bank for Africa Plc (UBA) through the strategic acquisition of 45,034,044 ordinary shares worth approximately ₦1.54 billion.
According to a regulatory filing submitted to the Nigerian Exchange and signed by UBA’s Company Secretary and Legal Counsel, Bili A. Odum, the share purchase was executed over two trading days.
The investment company secured these shares at ₦34.30 per unit during trading sessions on May 22–23, 2025, under the stock symbol NGUBA000001.
Before this latest investment, Heirs Holdings maintained its position as UBA’s largest individual shareholder, controlling 5.30% of the bank’s equity through ownership of 1,814,003,900 shares, making it the sole stakeholder exceeding the 5% threshold.
Following the completion of this transaction, Heirs Holdings’ total shareholding has expanded to 1,859,037,944 shares, representing a 5.43% ownership stake in the financial institution.
The acquisition coincided with heightened market activity for UBA shares, as trading volumes reached 60.7 million shares on May 22 and 45.1 million shares the following day.
Combined with UBA’s robust first-quarter financial performance, this strategic investment may strengthen market sentiment toward the bank, particularly as shares appreciated more than 3% to close at ₦34.45 on May 23.
UBA delivered impressive Q1 2025 results, posting pre-tax profits of ₦204.2 billion—representing a 30.65% improvement compared to the corresponding period in 2024, primarily attributed to expanded interest earnings.
The bank’s interest income climbed 36.09% to ₦599.8 billion, with significant contributions from lending operations and securities investments.
Customer loan and advance income reached ₦260.56 billion, marking a 31% year-over-year increase.
Investment securities generated ₦291.8 billion in income, representing a 44.96% surge, while cash balance income contributed ₦47.42 billion.
Additionally, UBA diversified its revenue streams through non-interest income sources, particularly fees and commission-based services.
Heirs Holdings Limited operates as Tony Elumelu’s family investment vehicle, concentrating on sectors positioned for sustained growth across African markets.
The firm oversees a diversified investment portfolio valued at ₦15 trillion ($9.8 billion) as of March 2025.
Its investment strategy encompasses multiple sectors, including technology, healthcare, real estate, hospitality, energy, power generation, and financial services.
This recent UBA share acquisition represents another strategic move within Heirs Holdings’ financial services investment approach, solidifying its position as the bank’s only shareholder exceeding 5% ownership, at 5.43%.
