By David Akinmola
Heirs Holdings, the investment firm chaired by billionaire Tony Elumelu, has acquired 45 million shares of United Bank for Africa (UBA) Plc, amounting to ₦1.54 billion.
This strategic move reinforces Elumelu’s significant stake in the pan-African financial institution.
The acquisition, disclosed in a recent corporate filing on the Nigerian Exchange (NGX), underscores Heirs Holdings’ confidence in UBA’s growth trajectory. Elumelu, who serves as UBA’s chairman, is the bank’s largest individual shareholder. As of March 2025, his holdings include approximately 195 million shares directly and over 2.3 billion shares indirectly through entities such as Heirs Holdings Limited, HH Capital Limited, and Heirs Alliance Limited .
This latest purchase follows a series of similar investments. In May 2023, HH Capital Limited, another Elumelu-affiliated entity, acquired 70 million UBA shares valued at ₦560 million . Additionally, in the same month, HH Capital purchased 19.34 million shares for ₦162.4 million .
UBA has demonstrated robust financial performance, reporting a pre-tax profit of ₦803.7 billion for the 2024 fiscal year—a 6% increase from the previous year.
The bank’s after-tax profit rose by 26.14% to ₦766.5 billion, marking its highest annual profit to date . Consequently, UBA declared a total dividend of ₦5.00 per share for 2024, resulting in a ₦12.71 billion payout to Elumelu based on his shareholding.
Elumelu in 2010, maintains a diversified investment portfolio across sectors including financial services, power, oil and gas, real estate, hospitality, healthcare, and technology. The firm’s investment philosophy, known as “Africapitalism,” emphasizes the role of the private sector in driving economic and social development across Africa .
This acquisition further solidifies Elumelu’s commitment to UBA’s long-term success and reflects a broader strategy to enhance shareholder value through strategic investments in key sectors of the African economy.
