Tony Elumelu, Nigerian business entrepreneur and chairman of United Bank of Africa (UBA), has seen a significant increase in his fortune, amounting to $5.11 million, during the last three weeks, owing to a rise in UBA shares, one of Africa’s top financial services providers.
Elumelu, widely regarded as one of Africa’s most powerful business people, has seen the market value of his UBA shares rise by N3.92 billion ($5.11 million) in the last three weeks, according to data recorded by Billionaires.Africa.
This new increase in wealth comes on the heels of the $1.61 million in interim dividends that he is set to receive on Oct. 6.
UBA, a major financial services provider, has a strong presence in 24 African countries, as well as the United Kingdom, France, and the United Arab Emirates. It is the only African bank with a commercial deposit presence in the United States, with over 35 million customers globally.
Elumelu, who owns 7.17 percent of UBA, or 2,450,603,739 ordinary shares, is not only one of the most wealthy investors on the Nigerian Exchange, but also one of the wealthiest individuals in the country. He is also regarded as one of Nigeria’s wealthiest bankers.
The recent jump in UBA’s shares, which has seen a spectacular 10.23 percent growth in the last three weeks, has propelled the bank to the top rankings of the Nigerian Exchange as one of the most valuable organizations.
The share price of UBA has climbed from N15.15 ($0.0197) on September 13 to N16.70 ($0.0219) at the time of this writing. This surge has increased the bank’s market capitalisation to N571 billion ($745 million).
The market value of Elumelu’s position in UBA reflects the rippling effect of this double-digit increase in UBA shares. His stake, which was assessed at N38.3 billion ($49.98 million) on September 13, has now risen to a whopping N42.21 billion ($55.10 million) at the time of this article.
This represents a significant increase of N3.92 billion ($5.11 million) for the accomplished businessman in the last three weeks.
This demonstrates Elumelu’s sustained significance in Nigeria’s financial landscape and the banking industry at large. It also reflects United Bank of Africa’s strong performance and resilience in the face of volatile market conditions.