Tony Elumelu, the chairman of United Bank for Africa (UBA) Plc, has purchased additional shares to boost his ownership position in the financial institution.
This came when Femi Otedola, a rich businessman, claimed that Elumelu had sold his stake in UBA.
Through his investment firm, HH Capital Limited, he bought 70 million shares of UBA on Tuesday on the Nigerian stock exchange.
In order to increase his controlling interest in the bank from 6.96 percent reported at the end of December 2022 to 7.16 percent, Elumelu, who is also the chairman of Transcorp Plc, spent N560 million for the shares.
In a document UBA filed with the Nigerian Exchange Limited (NGX) on Wednesday, he verified the occurrence.
With his shares in the bank increasing from 2.38 billion valued at N18.92 billion to 2.45 billion shares, this increased Elumelu’s investment in UBA to N19.48 billion.
His indirect shares are held through HH Capital Limited (700.84 million shares), Heirs Holdings Limited (1.81 billion shares), and Heirs Alliance Limited (231.08 million), while he holds 194.66 million direct shares.
On the day his old business partner claimed he betrayed him on the UBA agreement, Elumelu purchased the shares.
According to Otedola, the UBA chairman asked him for financial assistance after the bank was acquired. He also alleged that once Elumelu declared bankruptcy, he used his stock to pay back loans he had obtained from the bank.