Banking and Finance

Heirs Holdings, Elumelu Increase Stake in UBA with N288M worth of Additional Shares

Heirs Holdings and the Chairman of United Bank for Africa plc (UBA), Tony Elumelu have increased their stakes in UBA by a total of N288.4 million worth of additional shares in the bank.

The deal saw both Elumelu and Heirs Holdings acquiring additional 62,643,500 shares from the market on Monday, to further increase his stakes in the company.

In a regulatory filing singed by Bili Odum, UBA company secretary, the lender said the deal was consummated on Monday, July 20, 2020.

Elumelu and his subsidiary companies hold the largest shares in the UBA and the deal was meant to further consolidate his hold on the bank.
“The share purchase was insignificant to alter the present structure of the bank since both parties are the largest shareholders presently,” a source told one of our reporters.

Elumelu’s total shareholdings in the bank were put at 2.30 billion, both direct and indirect as of the end of last financial year and he was reputed to have collected a total of N2.30 billion dividends at the end of 2019 financial year when the bank declared N1 per share dividends for its shareholders.

Information about his shareholdings in the bank in public domain shows that his holdings include 140,840 million shares in HH Capital Limited; 1.74 billion shares in Heirs Holdings Limited, and 231,086 million shares in Heirs Alliance Limited and many more in other relating subsidiaries.

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