Elumelu Consolidates UBA Ownership as HH Capital Acquires Additional 19.34 Million Units of Shares

• HH Capital, owned by Tony Elumelu, Board Chairman of UBA, has acquired new shares in UBA
• The company purchased an additional 19.338.220 million shares worth N162.44 million shares in UBA
• The current acquisition by HH Capital brings Elumelu’s total shareholding in the bank to over 2 billion units of shares

HH Capital Limited, owned by the Board Chairman of United Bank for Africa (UBA), Tony Elumelu, has bought additional 19.338,220 million shares worth N162.44 million in the bank.

The disclosure was contained in a notice of share dealing by a source to the Nigerian Exchange Limited, Nairametrics report said.

Elumelu's shareholding in UBA exceeds 2 billion shares

The purchase represents 0.06% of HH Capital’s total outstanding bank shares.

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The purchase drives HH Capital’s shares in UBA from 140,843.816 as of December 2022 to 230,182.032 units.

The company acquired additional 70 million shares worth N560 million a week ago, representing 0.2% of the company’s total outstanding shares of the bank.

The recent purchase by HH Capital brings Elumelu’s indirect holdings in UBA to over 2.2 billion units of shares from 2.1 billion as of December last year, while his direct holdings remained at 194.669.555 share units.

According to the notice signed by Bili Odum, Group Company Secretary/Legal of the company, HH Capital on May 24, 2023, bought 19.338.220 units of the bank’s shares at an average price of N8.40 per share valued at N162.44.048 million.

According to the transaction details, Elumelu owns the investment as an indirect shareholding via HH Capital Limited.

Elumelu is the largest shareholder in UBA

He is the bank’s single largest shareholder, accounting for about 7.22% of its total outstanding shares structure.

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On Thursday, May 25, 2023, UBA closed its trading day at N.75 per share on the Nigerian Stock Exchange, recording a 0.6% gain over its previous closing price of N7.60 and gaining 15.1% on the price valuation.

The bank disclosed in a statement that it made a profit before tax of N201 billion in its 2022

The bank’s gross earnings increased to N853.2 billion from N660.2 billion recorded at the end of the 2021 financial year, representing a 29.2% growth.

UBA’s total assets increased by 27.2% and crossed the 10 trillion mark to close at N10.9 trillion in December 2022, up from N8,5 trillion in 2021.

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Legit.ng reported that Tony Elumelu, the Chairman of the United Bank for Africa (UBA), has made a significant investment by purchasing 70 million of the bank's shares, worth N560 million.

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Elumelu purchased the shares on Tuesday, May 9, 2023, through his investment company, HH Capital Limited.

The purchase was disclosed in a document filed by UBA with the Nigerian Exchange Limited (NGX).

Source: Legit.ng