Tony Elumelu, the billionaire entrepreneur and Chairman of Heirs Holdings Limited, has expanded his equity stake in United Bank for Africa Plc (UBA) by acquiring over 45 million shares valued at approximately ₦1.54 billion.
The acquisition was announced in a notice filed with the Nigerian Exchange Group (NGX) and obtained by THE WHISTLER. According to the filing, Heirs Holdings purchased 45,034,044 ordinary shares at a price of ₦34.30 per share between May 22 and May 23, 2025.
This purchase increases Heirs Holdings’ total shareholding in UBA from 5.30% (representing 1,814,003,900 shares) to 5.43%, which equates to 1,859,037,944 shares. Heirs Holdings remains the only shareholder with more than a 5% stake in the bank.
Following the announcement, UBA experienced a surge in trading activity, with 60.7 million shares exchanged on May 22 and 45.1 million shares on May 23, reflecting increased investor interest. The bank’s stock also saw a price gain of over 3%, closing at ₦34.45 on May 23.
This development comes on the heels of strong financial results for UBA in the first quarter of 2025, which likely contributed to the bullish sentiment surrounding the stock. The bank reported a 30.65% year-on-year increase in profit before tax, reaching ₦204.2 billion, largely driven by robust interest income.
Total interest income rose by 36.09% to ₦599.8 billion, with loans and advances to customers contributing ₦260.56 billion, a 31% increase compared to the same period in 2024. Income from investment securities grew by 44.96% to ₦291.8 billion, while cash balances generated ₦47.42 billion.
In addition to its interest-based revenue, UBA reported significant gains from non-interest income, including ₦47.84 billion from electronic banking (a 7.86% increase), ₦29.66 billion from transactional commissions, and ₦10.39 billion in maintenance fees.
On the balance sheet, UBA maintained strong fundamentals, with customer deposits rising to ₦22.8 trillion, a 4.43% increase, and total assets growing by 4.58% to ₦31.7 trillion as of Q1 2025.
Elumelu’s increased investment underscores a sustained confidence in UBA’s growth trajectory and performance outlook. With his longstanding association with the bank as its former CEO and current Chairman, this move reinforces the strategic alignment between Heirs Holdings and UBA.
