In line with the corporate disclosure requirements of the Nigerian Exchange Limited, the board of United Bank for Africa Plc, on Monday reported that between May 30 and 31, 2025, the chairman of the board, Tony Elumelu, increased his stake in the banking group by 1,267,669,350 shares.

The shares, according to a notification by Bili Odum, the Group Company Secretary and Legal Counsel, were purchased in batches of 50,000,000 units and 17,669,350 shares at between N34.55 and N34.75 each averaged N34.64 per share.

According to the audited report of the group for the year ended December 31, 2024, Elumelu had 195,126,906 units and 2,347,387,243 shares respectively in direct and indirect holding, same as the previous year.

With the latest purchases, Elumelu now owns 1,462,796,256 units in direct stake, representing 4.28% of 34.199bn total shareholding.