Chairman of United Bank for Africa (UBA) Plc, Tony Elumelu has increased his stake in the bank with the acquisition of 45,034,044 valued at N1.54 billion

The billionaire banker of note acquired the shares through Heirs Holdings Limited, the investment company he also chairs.

The transaction was disclosed in a filing on the Nigerian Exchange Limited (NGX), signed by UBA’s Company Secretary and Legal Counsel, Bili Odum.

Details of the disclosure reveal that Heirs Holdings Limited acquired the ordinary shares at a price of N34.30 between May 22 and 23, 2025, under the identification code NGUBA000001.

Before the recent acquisition, Heirs Holdings already stood out as the only shareholder with more than a 5 per cent stake in UBA, holding 5.30 per cent of the bank’s share capital, equivalent to 1,814,003,900 shares.

With the latest purchase, the company now owns 1,859,037,944 shares, raising its total stake to 5.43 per cent.

After the transaction, UBA’s trading volume surged, with 60.7 million shares exchanging hands on May 22 and 45.1 million on May 23.

Coupled with a strong Q1 2025 performance, analysts said the recent share purchase could further boost investor confidence in UBA, especially as the bank’s stock gained over 3 per cent, closing at N34.45 on May 23.

Heirs Holdings Limited is a family-owned investment company founded by Nigerian entrepreneur Tony Elumelu.

The company focuses on sectors that offer strong long-term returns within Africa’s economy, managing an investment portfolio valued at N15 trillion ($9.8 billion) as of March 2025.

Its investments cover a broad range of industries, including technology, healthcare, real estate and hospitality, energy, power, and financial services.

The recent share purchase marks one of Heirs Holdings’ latest moves in the financial services sector, making it the only shareholder in UBA to hold a 5.43 per cent stake.