Nigerian multimillionaire businessman and philanthropist Tony Elumelu has seen the market value of his stake in United Bank for Africa (UBA) plummet by more than $4 million in just three weeks, as shares in the Lagos-based financial services group slumped by more than nine percent on the Nigerian Exchange.

The Nigerian businessman is widely recognized as one of the most influential business executives in Africa, with a significant 6.96-percent stake in UBA, amounting to 2,380,941,756 ordinary shares, valued at approximately $40 million as of the time of this report.

As a substantial shareholder in the Lagos-based financial services group, UBA, Elumelu has seen a sharp decrease in his net worth in the past three weeks.

According to Billionaires.Africa, the value of his stake in UBA has dropped from N20.95 billion ($45.51 million) on March 1 to N19.04 billion ($41.37 million) on March 22, which is mainly due to the decline in the bank’s share prices on the Nigerian Exchange.

Despite the N1.9 billion ($4.13 million) market value loss suffered by Elumelu, the leading businessman retains his position not only as one of the wealthiest investors on the local bourse but also as one of the richest individuals in the country.

UBA, one of Nigeria’s leading financial services groups, is a pan-African powerhouse with a presence in 24 countries across four continents, including the UK, the United States, France, and the United Arab Emirates. The bank is considered one of the most influential institutions in the African financial services industry and is a major player in Nigeria’s financial sector.

In the past three weeks, UBA’s share price has experienced a decline of 9.09 percent, dropping from N8.80 ($0.019) to N8 ($0.0174) due to increased selling pressure on the Nigerian Exchange as investors book gains made earlier this year.

As a result of the recent price slump, UBA’s market capitalization has declined to N275 billion ($597 million), ranking it as the 16th most valuable company on the Nigerian Stock Exchange.



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