Billionaire investor and chairman of United Bank for Africa (UBA), Tony Elumelu, has consolidated his position in the deposit money bank with the purchase of 70 million units of shares of the lender where he is the chairman of the Board of Directors.
In a corporate filing on the Nigerian Exchange on Wednesday, the lender disclosed that HH Capital Limited, a private equity firm owned by Elumelu acquired 70,000,000 shares of UBA at N8 per unit on the floor of the NGX. The deal is worth N560 million.
The equities holding structure of the lender gleaned from its 2022 audited financial statements indicated Elumelu as the highest shareholder with 194,669,555 units of UBA shares held directly, 2,185,934,184 held indirectly through HH Capital Limited (140,843,816), and Heirs Holdings Limited (1,814,003,900 ) and Heirs Alliance Limited (231,086,468 units).
Coming on the heels of a battle with Otedola over the soul of Transcorp Nigeria Plc, this latest shares acquisition consolidates Elumelu’s position in the pan-African bank which gained 0.6 percent or 0.05kobo on Wednesday to close at N8.0 per share, up from the opening price of N7.95 per share.
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Meanwhile, equities investors lost ₦216.28 billion in market capitalization as the market bulked its four-day winning streak on Wednesday, leaving the benchmark All Share Index down by 0.75 percent to close at 52, 209.06 points while just as the valuation of traded equities declined to close at ₦28.43 trillion.
Investors sold down on their stakes in BUACEMENT (-8.02%) as well as Zenith Bank (-0.41%) and STANBIC (-1.33%) which triggered the market’s weak performance despite gains in MTNN (+0.04%), BUAFOODS (+2.63%) and ACCESSCORP (+4.95%). Consequently, the market year-to-date (YTD) return fell to 1.87 percent while the month-to-date returns settled at -0.4 percent.
The total volume traded declined by 13.5 percent to 554.31 million units, valued at N5.96 billion, and exchanged in 5,168 deals. ACCESSCORP was the most traded stock by volume and value at 139.29 million units and N1.47 billion, respectively.
Analysing by sectors, the Industrial Goods (-3.4%), Banking (-1.2%), and Insurance (-0.2%) indices declined, while the Consumer Goods (+1.2%) and Oil & Gas (+0.9%) indices recorded gains.
Market sentiment was positive as 34 stocks recorded gains led by ARDOVA (+10.0%) and NCR (+9.9%) topped the gainers’ list, while CAVERTON (-9.5%) and SUNUASSUR (-9.3%) recorded the most significant losses among the 20 stocks that traded at losses.
