Tony Elumelu Moves to Tighten Grip on UBA as HH Capital Acquires 70 Million Units of Shares in UBA
- HH Capital belonging to Tony Elumelu, has acquired additional 70 million shares in UBA
- The company's acquisition of the shares propped Elumelu's direct and indirect shareholding in the bank by over 7%
- The move comes after Elumelu's Awele Elemulu acquired shares in Transcorp to tighten Elumelu's grip on the conglomerate
HH Captial, a special-purpose vehicle company owned by Nigerian billionaire investor Tony Elumelu, has acquired additional 70 million shares, estimated at N560 million, in the bank.
Elumelu is the Board Chairman of UBA, a tier 1 Nigerian bank.
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Elumelu's shareholding in UBA grows to 7.16%
According to sources, the disclosure was contained in a notice of share dealing by an insider to the Nigerian Exchange Limited.
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Nairametrics reports that the 70 million shares represent about 0.2% of the bank's total outstanding shares.
HH Capital has scaled its number of shares in UBA from 140,843,816 units of shares as of December 31, 2022, to 210,843,816 units.
The new acquisition by HH Capital brings Elumelu's indirect holdings at the bank to 2,255,934,184 units of shares from 2,185,934,185 as of December 31, 2o22, while his direct holdings in the bank remained at 194,669,55 units of shares.
According to reports, the notice was signed by Bili A. Odum, the Group Company Secretary/Legal Counsel, showing that HH Capital Limited, as of May 9, 2023, purchased 70 million units of UBA at N8.00 per share valued at N560 million.
The details of the transactions made available by NGX Limited show that Elumelu owns the investment as indirect shareholding via HH Capital.
The billionaire investor is now the bank's largest shareholder, accounting for about 7.16% of its shareholding.
UBA shares soars, makes trillions in profit in three years
UBA closed its trading day on Monday, May 15, 2023, at N8.40 per share on the Nigerian Stock Exchange, recording about a 1.8% gain over its previous closing price of N8.25.
The bank began 2023 with a share price of N7.60 and has since gained 10.5% on the price valuation.
The bank recorded N201 billion profit before tax in its 2022 financial period.
It disclosed the report in its audited financial results for the year ending December 31, 2022.
The bank's gross earnings increased significantly to N853.2 billion from N660.2 billion recorded at the end of the 2021 fiscal year, representing a robust 29.2% growth.
UBA's total assets increased by 27.2%, crossing the N10 trillion mark, to close at N10.9 trillion as of December 2022, an increase from N8.5 trillion in 2021.
Tony Elumelu's wife spends over N6bn to buy more shares in Transcorp after busband decisions
Legit.ng reported that Awele Elumelu, the wife of billionaire Tony Elumelu had become Transnational Corporation plc's third-largest shareholder.
In a statement by Transcorp released on NGX, it was announced that Awele acquired 2,063,484,991 units of the total shares of Transnational Corporation Plc (Transcorp).
According to Transcorp, Elumelu's wife now has 5.076% shareholding in the company after paying On May 12, 2023, N3.12 per share, worth a total N6.43 billion.
Source: Legit.ng
