Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

The chairman of United Bank for Africa (UBA), Tony Elumelu, has purchased more than 45 million shares in the company.

The transaction was disclosed by group company secretary Bili Odum in a regulatory filing on the Nigerian Exchange Group (NGX) on Tuesday.

According to Odum, 45,034,044 shares were purchased on May 23 at N34.3 apiece, for a total transaction value of roughly N1.53 billion.

Elumelu increased his ownership of UBA shares by 161.9 million in 2023, from 2.38 billion in 2022 to 2.54 billion (direct and indirect), and on May 25, 2024, the business tycoon revealed plans to further increase his stake in the company.

Following a mandate from the Central Bank of Nigeria (CBN) requesting that commercial banks with foreign licenses enhance their capital base to N500 billion, the corporation is currently attempting to raise funds.

The UBA chairman said on April 25 that the bank would increase its current capital base of N355.2 billion by N144.8 billion in the third quarter (Q3) of 2025.

He assured that the final capital raise will be completed ahead of the CBN deadline.

According to the CBN, banks have until March 2026 to comply with the new mandate.

Legit.ng reported that Nigerian billionaire, and chairman of the United Bank for Africa (UBA) Group Tony Elumelu, has shared his reasons for diversifying into the oil and gas sector.

Elumelu shared this at the Legacy Builders Palm Beach Conference held in Florida, United States, on the theme: “Democratising Luck”.

He observed that Africa is a continent of opportunity, and Nigeria has huge resources to plug into this opportunity but power remains a challenge to be surmounted.

Elumelu said his business group acquired one of the top 3 electricity distribution companies in Nigeria, to change that narrative, and contribute to addressing core business challenges.

The UBA Group chairman also explained why he spread his portfolio from banking to include power, healthcare, real estate, technology and others, the NATION reports.

He said that Africa’s population is about 1.5 billion and is projected to double by 2050. The continent also has 24 out of the world's 25 fastest-growing populations, with a median age of 19 years.

Legit.ng reported that as the federal government of Nigeria continues the drive towards increasing crude oil production, Heirs Energies is staking its place among the top producers.

Since acquiring the OML 17 from the former owner, Heirs Energies has moved its production from 25,000 barrels per day, past N50,000 bpd and now targeting 100,000 barrels per day.

Chief Executive Officer (CEO) of Heirs Energies, Osayande Igiehon, disclosed these plans while speaking at the inaugural Congo Energy & Investment Forum held in Brazzaville.

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Source: Legit.ng