Nigerian billionaire Tony Elumelu’s wealth has increased significantly as his stake in United Bank for Africa (UBA) approaches $50 million.
Elumelu’s stake has increased significantly, indicating a rebound from the impact of Nigeria’s currency devaluation. In February, during the country’s second devaluation in eight months, his shareholding fell below $35 million.
Elumelu’s position in UBA has climbed by $15.6 million over the past 23 days to $48.4 million, approaching $50 million due to a jump in UBA shares and a strengthening Nigerian naira against the US dollar.
United Bank for Africa (UBA), a leading pan-African financial services business, has rebounded from a recent share price drop.The stock has risen 31.7 percent since February 28, when it temporarily fell to N20.50 (about $0.013) from above N30 (around $0.022).
Elumelu’s stake in UBA has increased dramatically due to the recent boom in shares and strengthening of the Nigerian naira against the US currency. It is currently valued at N68.2 billion ($48.4 million) as of the time of writing.
Elumelu’s imaginative leadership has continued to propel UBA ahead as a key participant in promoting economic growth and financial inclusion across the continent, solidifying his legacy as a prominent figure in Africa’s commercial environment.
Tony Elumelu, an African tycoon, empowers a new generation of business leaders.
Tony Elumelu Foundation (TEF) provides over $5 million in non-refundable seed capital to aspiring African business leaders.
Elumelu’s growing fortune and smart moves reinforce his position as a prominent investor on the Nigerian Exchange, a top businessman in Nigeria, and a key character in Africa’s development story. As his stake in UBA reaches $50 million, Elumelu’s impact and dedication to Africa’s economic success are apparent.
