In a strategic move to solidify his position as one of the most successful businessmen in Nigeria, Tony Elumelu nearly two weeks ago purchased an additional stake in United Bank for Africa (UBA), one of the country’s leading lenders.

The acquisition has catapulted the market value of his stake in the Lagos-based bank to over $44 million, underscoring his prowess in the Nigerian Exchange.

At the start of the year, Elumelu held a 6.96-percent stake in UBA, which equated to 2,380,603,739 ordinary shares.

With his recent acquisition of 70 million shares on the Nigerian Exchange, valued at N560 million ($1.21 million), the renowned Nigerian businessman has now increased his stake to 7.17 percent, further strengthening his holdings.

The purchase comes on the heels of UBA’s exceptional performance in the first quarter of 2023. The bank recorded a remarkable 29.1 percent increase in profit, rising from N41.5 billion ($90.1 million) in the corresponding period of 2022 to N53.6 billion ($116.4 million).

The double-digit surge in the group’s earnings was primarily driven by higher interest and non-interest income, alongside effective cost management strategies that kept expenses in check.

As a testament to UBA’s stellar financial performance, the bank’s share price surged past the N8 per share mark to reach N8.35 ($0.0181) per share at the time of writing this report.

The surge has propelled the market capitalization of the Lagos-based banking group to N286 billion ($620 million).

With the present market price, Elumelu’s 7.17-percent stake in UBA now stands at a staggering N20.46 billion ($44.4 million), solidifying his position not only as one of the wealthiest investors on the Nigerian Exchange but also as one of the richest businessmen in the country.

While Elumelu has been actively increasing his stakes in UBA and Transnational Corporation of Nigeria Plc, his wife Awele Elumelu, the chairperson of Avon Healthcare Limited, has made a significant acquisition herself.

Awele spent N6.44 billion ($14 million) to acquire a 5.076-percent stake in Transcorp, a Lagos-based diversified conglomerate. Her investment has further strengthened the family’s holdings in the conglomerate and positioned her as one of its largest shareholders.