HH Capital Limited Acquires 70 Million Shares in UBA: Tony Elumelu's Stake Increases

In a recent notice of share dealing submitted to the Nigerian Exchange Limited(NGX), it has been revealed that HH Capital Limited, a company established by Mr. Tony Elumelu, the Board Chairman of UBA Plc, has acquired an additional 70 million shares valued at N560 million in the company.

The acquisition of these 70 million shares represents approximately 0.2% of the total outstanding shares of the company. With this purchase, HH Capital has increased its share count from 140,843,816 units as of December 31, 2022, to 210,843,816 units.

As a result of the transaction, Mr. Tony Elumelu's indirect holdings now stand at 2,255,934,184 units of shares, up from 2,185,934,184 units as of December 31, 2022. His direct holdings remain unchanged at 194,669,555 units of shares.

According to a notice signed by Bili A. Odum, the Group Company Secretary/Legal Counsel, it was revealed that on May 9th, 2023, HH Capital Limited acquired 70,000,000 units of UBA Plc shares at a price of N8.00 per share, totaling N560 million.

Information regarding the transaction details was provided by NGX Limited, and it was disclosed that Mr. Tony Elumelu holds this investment indirectly through HH Capital Limited.

As a result of this acquisition, Mr. Elumelu, who continues to be the largest shareholder of the Pan African bank, now holds approximately 7.16% of the total shareholding structure.


According to United Bank for Africa (UBA), it reported a profit before tax of N201 billion in its financial period for 2022. This information was revealed in a statement announcing the audited financial results for the full year ending on December 31, 2022.

It said that:

“Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 31.2% growth, to close the year under review at N200.8 billion, rising from N153.01bn recorded at the end of the 2021 financial year; while profit after tax grew by 43.5% to N170.2bn in 2022, compared to N118.7 billion recorded the year before.

“Consequently, UBA Group shareholders’ funds rose to N922.1 billion, as of December 2022, achieving an impressive growth by 14.6%, compared to the prior year.”

United Bank for Africa (UBA) witnessed a substantial increase in gross earnings, reaching N853.2 billion at the end of the 2022 financial year. This represents a remarkable growth of 29.2% compared to the N660.2 billion recorded in the previous year.

Furthermore, UBA's total assets experienced significant growth, surpassing the N10 trillion mark to reach N10.9 trillion in December 2022. This reflects a substantial increase of 27.2% from the N8.5 trillion reported in 2021.

A big fight is going on as Tony Elumelu increases his steak in UBA bank. Let's see if Femi Otedola will buy UBA Bank too.

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