Tony Elumelu, Chairman of UBA Plc, has increased his stake in the bank to 10.63 percent. This follows the acquisition of UBA shares worth N43.9 billion on Friday, representing an additional 3.09 percent holding in the bank.

The business mogul maintains his stake both directly and indirectly through Heirs Holdings, HH Capital, and Heirs Alliance. Between May 22 and 23, Heirs Holdings acquired UBA shares worth N1.54 billion on the Nigerian Exchange (NGX), accounting for a 0.11 percent stake.

This was followed by a direct acquisition by Elumelu on May 30, amounting to N43.9 billion worth of shares.

Prior to these acquisitions, Elumelu’s combined direct and indirect holding stood at 7.43 percent.

He directly owned 234.2 million shares, while his indirect stake, held through Heirs Holdings, HH Capital, and Heirs Alliance, totaled 2.82 billion shares.

Following the latest acquisitions, Elumelu’s direct stake in UBA has risen to 3.66 percent, while his indirect stake now stands at 6.97 percent.

This positions him as the third-largest shareholder of any Nigerian bank, behind Femi Otedola of FBN Holdings and Jim Ovia of Zenith Bank. For the 2024 financial year, Elumelu and his affiliated companies earned N12.7 billion in dividends from UBA.

With UBA set to embark on a fresh round of recapitalization by the third quarter of 2025, Elumelu’s ownership is likely to deepen further.

As the banking sector braces for tighter regulatory benchmarks and capital requirements, his growing influence in UBA signals a calculated bet on the bank’s long-term resilience and profitability.