Tony Elumelu’s Wife, Brother, Sister Buy More UBA Shares As Bank Declares Impressive Earnings

• The wife and relatives of Nigerian businessman Tony Elumelu have decided to increase their shareholdings in UBA
• In separate transactions, the family members decided to buy into the bank considered one of the best in Nigeria
• Elumelu remains the largest single shareholder of the bank, which boost of over N11,62 trillion in customer deposits

The family members of Tony Elumelu, the board chairman of the United Bank for Africa, have decided to purchase additional shares in the bank.

This was disclosed in the Corporate filings of the bank, obtained by Legit.ng from the Nigerian Exchange Limited.

Details show that Awele Elumelu, Ugochukwu Elumelu, and Nneka Elumelu all purchased new shares.

Breakdown of their investment

For Awele, the wife, it was revealed that she purchased 447 units of the bank's shares. She acquired the shares on November 2, 2023, at N20.90 per share.

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On the same November 2, 2023, Ugochukwu, in two separate transactions, bought 1,311 units and 1,000 additional UBA shares.

Nneka Elumelu acquired 2,368 shares on the same day at N20.90 per share.

UBA financial performance

Meanwhile, the United Bank for Africa (UBA) has published its third quarter report for the period ended September 30 2023.

Details from the report showed an impressive year-on-year growth in the Company's top-line and bottom-line figures.

UBA grew its revenue by 115.2 per cent to N1.31 trillion in the first nine months of 2023, from N608 billion recorded within the same period in 2022.

While its profit after tax rose by 287.18 per cent to N449.30bn, from N116.04bn in 2022,

Also, total assets rose to N16.24 trillion, representing a 49.5 per cent increase over the N10.86 trillion recorded at the end of December 2022.

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Customer deposits rose to N11.63 trillion, representing a 48.6 per cent increase from N7.8 trillion at the end of the 2022 financial year.

Tony Elumelu and wife make almost N1bn in hours from investment

In another report, Elumelu and his wife, Awele, continue to demonstrate the importance of marrying a partner who shares the same vision

In just eight hours, the couple made almost N1 billion from investment in 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

Source: Legit.ng