Eight relatives of Tony Elumelu, the group chairman of United Bank for Africa (UBA), have purchased 42,357,450 units of the bank's shares valued at N1.12 billion.

While Elumelu's relatives purchased 21,169 units worth N550,394, the four directors made significant acquisitions of 42,336,281 units of the bank's shares worth N1.12 billion.

The latest development is based on notifications published on the Nigerian Exchange Limited (NGX) website.

UBA recently became the latest member of Nigerian companies with a market value of over N1 trillion, just as the stock market hit the highest level ever.

Its securities have been prominent on the volume chart of the NGX over the past two trading sessions.

On Wednesday, May 9, 2024, 79.98 million units were traded in 689 transactions, while on Tuesday, May 8, 2024, 102.23 million units were exchanged, amounting to N2.68 billion, in 952 transactions.

Elumelu's relatives, directors increase their shares

According to Punch, Elumelu's relatives, including Ogechukwu, Onyekachukwu, Ogochukwu, Nneka, Ugochukwu, Onyinye, Toby, and Awele Elumelu, acquired their shares on Tuesday at the rate of N26 per unit.

The acquisitions by UBA directors on the NGX include Deputy Managing Director Muyiwa Akinyemi, who purchased 20,000,000 units of UBA shares in 10 tranches at an average price of N26.46 per unit, totalling N529.20 million.

Executive director Ugochukwu Nwaghodoh bought 10,000,000 shares at an average of N26.22 per unit, amounting to N262.20 million across ten transactions.

Additionally, Group Company Secretary/Legal Counsel Bili Odum acquired 10,000,000 units of the bank's shares in three transactions at an average rate of N26.10 per unit, totalling N261 million.

Non-Executive Director Abdulqadir Bello purchased 2,336,281 units on Monday at N26.80 per unit, totalling N62.61 million.

These acquisitions coincide with UBA's capitalization drive to meet the new capital threshold set by the Central Bank of Nigeria.

The bank had announced its intention to seek shareholders' approval to raise funds from both domestic and international capital markets.

As of Wednesday's close of trading, UBA's share price stood at N26 per unit, with a market capitalization of N889.18 billion.