Tony Elumelu Tightens Ownership Control As Family Members Mop Up Millions Of Shares In UBA

Four members of the family of the Chairman of United Bank for Africa Plc, Tony Elumelu have acquired 6,434,616 ordinary shares of United Bank for Africa Plc, a move that would increase his family’s ownership of the bank.

Currently, Elumelu’s indirect holdings in UBA stand at 2,275,272,404 units of shares, from 2,185,934,184 as of December 31, 2022, while his direct shares are 194,669,555 units of shares.

The new transaction announced by the Bili A. Odum, Group Company Secretary/Legal Counsel indicates that the shares were bought by, Ugochukwu Elumelu, Onyinye Elumelu, Onyekachukwu Elumelu, and Toby Onyemaechi Elumelu.

According to corporate and regulatory records, the deals were sealed on May 24, 2023, at the price of N8.70 per ordinary share bought.

Going by the corporate records, the deals were worth N55,981,159.2.

The details show that Onyinye Elumelu accumulated 2,070,366 shares on 24 May, 2023 at N8.70 per share and another 2,070,366 shares on the same day at the same amount.

The corporate disclosure identified Onyinye as a relative of the bank’s Chairman.

Another of his kinsman, Ugochukwu Elumelu purchased 2,048,061 shares at N8.70 per share, UBA disclosed.

Onyekachukwu Elumelu also bought 91,175 shares at NGN8.70 per share on May 24, 2023.

Toby Onyemaechi Elumelu purchased 77,324 shares at N8.70 per share and in the same day bought additional 77,324 shares.

Recall that in 2021, Awele Vivien Elumelu, Tony Elumelu’s wife had bought 412,642 shares at N7.00 per share worth N2,888,494.00. She bought 156,097 shares at N5.9999 per share in 2020.

Ugochukwu Elumelu had in 2021 purchased, 244,966 ordinary shares at N6.90 valued N1,690,265.40. Ugochukwu had in 2020 also bought 361,323 shares at N6.0 per share.

Toby Onyemaechi Elumelu bought 36,016 shares at N7.10 per share in 2021 after he had bought 7,460 shares and 7,452 shares at N6.0 per share the previous year.

In 2021, Tiffany Ogochukwu Elumelu bought 296,043 at the price of N7.00 per share.

Tamara-Marie Ogechukwu Elumelu also joined the rush purchasing 296,409 units of shares at N7.00 per unit totaling N2,074,863.00. Ogechukwu had mopped up 361,323 shares at N6.0 per share in 2020.

Nneka Elumelu in 2021 spent N1.72m to purchase 245,457 of UBA at N7.00 per share, adding to the 106,464 shares she bought in 2020 at the price of N6.0 per share.

Onyinyechukwu Elumelu in 2021 acquired 243,899 at the price of N7.00. He spent a total of N1,707,293.00 on the transaction. Onyinyechukwu had bought 107,250 shares at N6.0 per share the previous year.