Tony Elumelu, Wife Buy More UBA Shares for Over N480 Million in 2 Transactions
- The Elumelus continue to increase their investment in the United Bank of Africa, and this time, it is the wife and husband
- Vivian Awele Elumelu and her husband, Tony Elumelu, who, in two separate transactions, have acquired additional shares in UBA
- UBA recorded an impressive nine-month profit, thanks to naira's devaluation, and it is on the cusp of hitting its biggest one-year earnings in 2023
Legit.ng journalist Dave Ibemere has over a decade of experience covering business and the economy
Tony Elumelu, the board chairman of the United Bank for Africa and his wife, Vivian Awele Elumelu, have purchased additional shares in the bank.
According to the latest corporate disclosure on Nigerian Exchange Limited, the couple acquired 23,196,236 units of the shares in two separate transactions worth N480.26 million.
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Breakdown of Elumelu's Wife Investments
Awele Elumelu bought 9,624,441 units of UBA shares at an average price of N20.71.
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She bought the shares in four tranches of 7,124,446 shares at N20.65 per unit, 1,986,880 shares at N20.70 per unit, 500,000 shares at N20.75 per unit and 13,115 shares at NGN20.75 per unit.
The transaction, worth about N199.32 million, took place on the platform of the NGX on Friday, November 14, 2023.
Elumelu's wife has increased her stake in the business in the past few months.
Legit.ng earlier reported that on November 2, 2023, Awele purchased 447 units of the bank's shares.
Tony Elumelu
Tony Elumelu added more shares through his investment company, HH Capital Limited.
He spent N280.94 million to acquire 13,571,795 UBA shares at an average price of N20.7 on Monday, November 13, 2023.
Over the years, the couple have demonstrated the importance of marrying a partner with the same vision.
Expert comments
Speaking on the latest purchase and general stocks market, Kunle Afolayan, a stock market expert, explained that more investors are looking at banking stocks.
He noted:
"Banking stocks are very attractive right now due to discussions on recapitalization and the gains from the naira exchange rate.
"For example, UBA has witnessed strong buying interest, with a higher volume of bank stocks being traded daily.
"Today, on November 21st, UBA is trading above N20 compared to the N8.70 per share it began the year with. This strong performance is expected to continue, not only for UBA but also for other banks. Big investors, like Elumelu and his wife, will always seek to make sound investments."
Tony Elumelu and wife make almost N1bn in hours from investment
Legit.ng reports that Elumelu and his wife, Awele, recently made nearly N1 billion from their investment in the Transnational Corporation of Nigeria (Transcorp).
Elumelu is a banker and serial investor, while Awele is an accomplished healthcare executive who has distinguished herself in her field.
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Source: Legit.ng
