Tony Elumelu Acquires 1.2 Billion Additional UBA Shares Amid Recapitalisation Drive

Billionaire businessman and Chairman of the United Bank for Africa (UBA) Group, Tony Elumelu, has significantly increased his stake in the bank by purchasing over 1.2 billion shares within just two days. The transactions were made between Thursday, 29 May, and Friday, 30 May 2025, and were disclosed in a regulatory filing submitted to the Nigerian Exchange Group (NGX) on Monday, 2 June 2025. The document was signed by Bili Odum, UBA Group Secretary, and confirms the acquisitions as part of Elumelu’s continued strategic consolidation. This move follows a smaller, yet substantial, purchase of 45 million UBA shares on 23 May 2025. That earlier transaction, valued at N1.53 billion, was executed at a rate of N34.3 per share. These cumulative acquisitions point to an ongoing effort by Elumelu to further entrench his influence within UBA, potentially signaling major developments on the horizon for the pan-African financial institution.

UBA Prepares for Q3 Capital Raising

The share acquisitions are occurring in the context of UBA’s plans to raise additional capital in anticipation of the Central Bank of Nigeria’s (CBN) new recapitalisation mandate. In April 2025, UBA announced that it would be undertaking a capital raising initiative in the third quarter of the year. The goal is to meet the CBN’s regulatory capital threshold before the 30 March 2026 deadline. As part of its strategy, the bank is exploring various funding options, including private placements and other investment opportunities. Elumelu had earlier confirmed that UBA is targeting an additional N144.8 billion in capital as part of this exercise. The current share accumulation by the chairman could serve both as a vote of confidence and as a measure to stabilize investor sentiment ahead of the capital raise.

Heirs Energies Pushes Towards Oil Production Milestone

Elumelu’s financial activities aren’t limited to the banking sector. His oil and gas company, Heirs Energies, is also reportedly preparing to hit a major milestone of 100,000 barrels of crude oil production per day. This aligns with the conglomerate’s broader growth trajectory across multiple sectors, signaling Elumelu’s ambitious expansion plans within the Nigerian and African economies.

UBA Crowned Nigeria’s Strongest Bank Brand

Meanwhile, UBA continues to earn accolades for its performance and brand strength. A recent report by UK-based Brand Finance named UBA Nigeria’s strongest banking brand in 2025. The bank achieved a Brand Strength Index (BSI) score of 92.4 out of 100 and received a prestigious AAA+ rating. UBA’s impressive leap from ninth place in 2024 to the top spot this year highlights the bank’s focus on innovation, customer satisfaction, and sustainable value delivery. UBA now leads ahead of major competitors, including GT Bank and First Bank, further cementing its position as a key player in the Nigerian banking landscape.