ELUMELU MOVES TO TAKE OVER UBA, BUYS N288 MILLION ADDITIONAL SHARES ~ The Press Tv

Nigeria’s billionaire and chairman of the United Bank for Africa plc (UBA), Tony Elumelu has increased his stakes and that of Heirs Holdings in UBA by injecting a total of N288.4 million for the purchase of additional shares in the top lender.

The deal saw both Elumelu and Heirs Holdings acquiring additional 62,643,500 shares from the market on Monday, to further increase his stakes in the company.

In a regulatory filing singed by Bili Odum, UBA company secretary, the lender said the deal was consummated on July 20, 2020.

Elumelu and his subsidiary companies hold the large shares in the Africa’s top lender and the deal was meant to further consolidate his stronghold on the bank.

“The share purchase was insignificant to alter the present structure of the bank since both parties are the largest shareholders presently,” a source told one of our reporters.

Elumelu total shareholdings in the bank were put at 2.30 billion, both direct and indirect as of the end of last financial year and he was reputed to have collected a total of N2.30 billion dividends at the end of 2019 financial year when the bank declared N1 per share dividends for its shareholders.

Information about his shareholdings in the bank in public domain showed that his holdings including 140,840 million shares in HH Capital Limited; 1.74 billion shares in Heirs Holdings Limited, and 231,086 million shares in Heirs Alliance Limited and many more in other relating subsidiaries.

Insiders said more share purchase should be expected in the coming days as the top businessman move to further consolidate his position in the bank.

Tony Onyemaechi Elumelu was born on 22nd of July, 1963. He is among the top 10 richest entrepreneurs in Nigeria with a net worth estimated at $1 billion this 2020 according to Forbes’ rich list

Tony Onyemaechi Elumelu was born in Jos, Plateau State on 22nd of July, 1963, though he hails from Onicha-Ukwu in Aniocha North Local Government of Delta. He is among the top 10 richest entrepreneurs in Nigeria with a net worth estimated at $1 billion this 2020 according to Forbes’ rich list.

He got a Bachelor’s degree from the Ambrose Alli University, Ekpoma, Edo state before he proceeded to the University of Lagos for his Master’s degree and later attended the Harvard Business School, HBS.