Tony Elumelu's Uba Stake Falls Below 60 Million

Tony Elumelus UBA stake dropped below 60 million as shares fell 12.4 in 35 days, erasing 9.5 million in value.

UBA share price dropped 12.4 in recent weeks, cutting its market cap below 800 million.

Elumelu remains a key NGX investor despite past losses, including a 17 million hit in 2024 due to naira devaluation.

Nigerian businessman Tony Elumelu has taken a financial hit in recent weeks as a wave of sell-offs on the Nigerian Exchange NGX has pulled down United Bank for Africas UBA share price, dropping the value of his stake below 60 million.

Elumelu holds a 7.43 percent stake in UBAabout 2.54 billion sharesthrough entities like Heirs Holdings Limited, HH Capital Limited, and Heirs Alliance Limited. Over the past 35 days, his holdings have lost N12.46 billion 9.5 million, with the decline worsened by the nairas weakness against the dollar.

Its not the first time he has taken a financial hit. In 2024, despite UBAs stock rising 32.55 percent in local currency, the nairas devaluation erased those gains, costing him 17 million in dollar terms.

UBA , a leading player in Nigerias financial services industry, operates across 24 countries spanning four continents, including major hubs such as the UK, the United States, France, and the United Arab Emirates. But its stock has struggled lately.

In the past 35 days, its share price has fallen 12.4 percent , sliding from N39.3 0.026 on Feb. 12 to N35.2 0.022. This decline has pushed the banks market capitalization below 800 million, erasing millions in shareholder valueincluding for Elumelu.