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Tony Elumelu Sets to Strengthen Grip on UBA as HH Capital Acquires 70 Million Units of Shares in UBA

HH Captial, a special-purpose vehicle company owned by Nigerian billionaire investor Tony Elumelu, has acquired additional 70 million shares, estimated at N560 million, in the bank. Elumelu is the Board Chairman of UBA, a tier 1 Nigerian bank. LEGIT NEWS reports.Information Guide Nigeria

According to sources, the disclosure was contained in a notice of share dealing by an insider to the Nigerian Exchange Limited.

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Nairametrics reports that the 70 million shares represent about 0.2% of the bank’s total outstanding shares. HH Capital has scaled its number of shares in UBA from 140,843,816 units of shares as of December 31, 2022, to 210,843,816 units.

The new acquisition by HH Capital brings Elumelu’s indirect holdings at the bank to 2,255,934,184 units of shares from 2,185,934,185 as of December 31, 2o22, while his direct holdings in the bank remained at 194,669,55 units of shares.NYSC Portal

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Essien, Goodnews is a gruaduate of Communication Arts, University of Uyo, Uyo; Currently working at Infoguide Media as a news writer.

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