Heirs Holdings Limited, the investment company chaired by billionaire Tony Elumelu, has increased its stake in United Bank for Africa Plc (UBA) with the purchase of 45,034,044 shares valued at approximately N1.54 billion.
The transaction was disclosed in a filing on the Nigerian Exchange, signed by UBA’s Company Secretary and Legal Counsel, Bili A. Odum.
Details of the disclosure reveal that Heirs Holdings Limited acquired the ordinary shares at a price of N34.30 between May 22 and 23, 2025, under the identification code NGUBA000001.
Before this acquisition, Heirs Holdings already stood out as the only shareholder with more than a 5% stake in UBA, holding 5.30% of the bank’s share capital, equivalent to 1,814,003,900 shares.
After the transaction, UBA’s trading volume surged, with 60.7 million shares exchanging hands on May 22 and 45.1 million on May 23.
Coupled with a strong Q1 2025 performance, the recent share purchase could further boost investor confidence in UBA, especially as the bank’s stock gained over 3%, closing at N34.45 on May 23.
United Bank for Africa Plc reported a pre-tax profit of N204.2 billion in Q1 2025, a 30.65% increase from Q1 2024, driven by higher interest income.
Interest income rose by 36.09% to N599.8 billion, largely driven by income from loans and advances as well as investment securities.
UBA also generated income from non-interest sources, primarily fees and commissions.
On the balance sheet, customer deposits reached N22.8 trillion in Q1 2025, up 4.43%, while total assets stood at N31.7 trillion, an increase of 4.58%.
Heirs Holdings Limited is a family-owned investment company founded by Nigerian entrepreneur Tony Elumelu.
The company focuses on sectors that offer strong long-term returns within Africa’s economy, managing an investment portfolio valued at N15 trillion ($9.8 billion) as of March 2025.
Its investments cover a broad range of industries, including technology, healthcare, real estate and hospitality, energy, power, and financial services.