Tony Elumelu’s UBA Stock Plummets $4.1 million in Three Weeks
Home News Tony Elumelu’s UBA Stock Plummets $4.1 million in Three Weeks
News - March 22, 2023

Tony Elumelu’s UBA Stock Plummets $4.1 million in Three Weeks

Nigerian business mogul, Tony Elumelu has witnessed a $4 million decline in the market value of his stake in United Bank for Africa (UBA) in just three weeks.

This comes as shares in the Lagos-based financial services group slumped by more than 9 per cent on the Nigerian Exchange.

With a significant 6.96-per cent stake in UBA, Elumelu is popularly known as one of the most influential business executives in Africa. His 6.96 per cent stake amounts to 2,380,941,756 ordinary shares, valued at approximately $40 million.

Elumelu’s net worth drops

In the past three weeks, Elumelu’s net worth has seen a sharp decline as a result of the decline in the bank’s share prices on the Nigerian Exchange. Reports say the value of his stake in UBA  dropped from $45.51 million on the 1st of March to $41.37 million on the 22nd of March. 

The $4.13 million market value loss suffered by Elumelu however did not affect his position as one of the wealthiest investors on the local bourse and one of the richest individuals in the country. He is also known as a substantial shareholder in the Lagos-based financial services group, UBA.

Reason for UBA share price decline 

UBA, one of Nigeria’s leading financial services groups, has seen its share price drop from $0.01 to $0.0174 due to increased selling pressure on the Nigerian Exchange as investors book gains made earlier this year.

The price slump made UBA’s market capitalization decline to N275 billion ($597 million), ranking it as the 16th most valuable company on the Nigerian Stock Exchange.

Considered one of the most influential institutions in the African financial services industry, UBA is a pan-African powerhouse with a presence in 24 countries across four continents, including the UK, the United States, France, and the United Arab Emirates.

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