The Chairman of United Bank for Africa, Tony Elumelu, has purchased shares worth N43.9 billion in the bank over two days.

The Group Company Secretary, Bili Odum, revealed the transaction details in a regulatory filing submitted to the Nigerian Exchange Group on Monday.

The filing states that the transactions took place between May 29 and May 30.

Elumelu purchased a total of 1,267,669,350 shares at an average price of N34.64 per share, amounting to N43.91 billion.

Specifically, he bought 50 million shares at prices between N34.55 and N34.75, and an additional 17,669,350 shares at N34.70 each.

This is Elumelu’s second purchase of UBA shares in May.

On May 23, he acquired 45,034,044 shares at N34.30 per share, with the transaction valued at approximately N1.53 billion.

On May 25, 2024, Elumelu announced his intention to further increase his stake in the bank.

This move coincides with UBA’s plan to raise additional capital in response to the Central Bank of Nigeria’s directive requiring commercial banks with international licenses to increase their capital base to N500 billion.

On April 25, the UBA chairman stated that the bank aims to raise N144.8 billion in the third quarter of 2025, boosting its current capital base of N355.2 billion.

He confirmed that the full capital raise will be completed ahead of the CBN’s deadline.