Heirs Holdings Limited, chaired by billionaire Tony Elumelu, has reinforced its position in United Bank for Africa Plc (UBA) with a significant acquisition of 45,034,044 shares valued at N1.54 billion. This transaction, disclosed in a regulatory filing signed by UBA’s Company Secretary and Legal Counsel, Bili A. Odum, occurred between May 22 and 23, 2025, at a share price of N34.30.
Prior to this purchase, Heirs Holdings owned 5.30% of UBA’s share capital, amounting to 1,814,003,900 shares. The latest acquisition increases its total holding to 1,859,037,944 shares, strengthening its stake to 5.43%.
Following the transaction, trading activity surged at UBA, with 60.7 million shares exchanged on May 22 and 45.1 million on May 23. The bank’s stock price responded positively, rising by over 3%, closing at N34.45 on May 23.
UBA continues to deliver impressive financial results, reporting a pre-tax profit of N204.2 billion in Q1 2025, reflecting a 30.65% increase from the same period last year. Interest income grew by 36.09% to N599.8 billion, driven by loans, advances, and investment securities.
With total assets reaching N31.7 trillion and customer deposits growing to N22.8 trillion, UBA remains a formidable force in Nigeria’s banking sector. The increased stake by Heirs Holdings further strengthens its long-term growth prospects, signaling strong investor confidence in the bank’s future.
Financial analysts expect the recent acquisition to solidify UBA’s standing as one of Nigeria’s leading banks, paving the way for continued expansion and stability in the financial market.
