Tony Elumelu Gains N3.3 Billion in One Day From The Sale of UBA Shares
- The Chairman of United Bank for Africa, Tony Elumelu, netted over N3 billion in one day
- The amount came from the sale of his shares in UBA on Friday, July 21, 2023
- Elumelu netted a massive amount as the shares of the bank soared on the Nigerian Exchange
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According to reports, the Chairman of United Bank for Africa (UBA) and Transcorp, Tony Elumelu, saw an impressive appreciation in the market value of his shares in UBA on Friday, July 21. 2023, netting a fantastic N3.3 billion or almost $4.3 million in one day.
The businessman had reportedly lost about $1.1 million to the naira devaluation.
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Elumelu emerges one of the top investors on Nigerian Exchange
Reports say the billionaire retains his status as one of the wealthiest investors on the Nigerian Stock Exchange.
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The 60-year-old fitness buff holds a substantial 7.17% stake in UBA, amounting to 2.450,603,739 ordinary shares valued at $47 million.
Recent data shows that the market capitalization of his stake in UBA soared from N33.21 billion or $42.80 million as of Thursday, July 20, 2023, to N36.51 billion, representing an increase of N3.31 billion in one day.
The boost comes after the shares of UBA on the Nigerian Exchange soared by a massive 9.96%, rising from N13.55 on Thursday, July 20, 2023, to N14.90.
The increase resulted in enormous gains for investors on the Exchange.
UBA ranks among most valuable companies on the Nigerian Exchange
The bank is now one of the most valuable firms on the Exchange, with a current share price of N14.90 and a market cap of N510 billion.
With a presence in over 24 countries on four continents, including the UK, the US, France, and UAE, the bank continues to cement its position as an essential player in the global financial sector.
Elumelu’s gains in UBA following the surge in the bank’s share entrenches his status as a foremost figure in Africa’s business landscape and proves UBA’s tenacity and strong dominance in the financial services sector.
Couple Goal: Tony Elumelu and his wife make almost N1bn in 8 hours from one Investment
Legit.ng reported that in a remarkable display of business acumen and strategic investment, Tony Elumelu, a renowned Nigerian businessman and Chairman of Transnational Corporation of Nigeria (Transcorp), along with his wife, Awele Elumelu, made an impressive financial gain of N889.885 million on Tuesday, June 13, 2023.
This significant increase came as the value of Transcorp shares soared on the Nigerian Exchange(NGX).
On Tuesday, the company's share price rose to N3.22, marking a substantial increase from the starting price of N3.15 on Friday, June 9.
Source: Legit.ng
