Dangote, Elumelu’s wealth soars N3.2bn in one day as UBA shares skyrocket to highest level in 2023

The chairman of United Bank for Africa, Tony Elumelu, and Africa's Richest man Aliko Dangote have made a combined N3.2 billion in one day, following the increase in the UBAs shares.

Data obtained from the Nigerian exchange shows that the stock price of UBA increased to N14.9 per share on Friday, July 21, 2023.

This represents a 9.96 percent improvement compared to the 13.55 it traded the previous day.

Further analysis showed that UBA's latest share price is the highest level it has touched since 2023.

The positive trajectory of UBA’s stock has been expected after the bank embarked on strategic positioning which has attracted local and foreign stock investors.

Dangote, Elumelu adds more wealth

In anticipation of the positive performance of UBA stock, Tony Elumelu paid billions to buy extra shares in the bank.

In one of his purchases, Legit.ng revealed that Elumelu purchased 70 million additional shares in May 2023 to push his shareholding in the bank to 2.45bn (2,450,603,739).

The dividends of such a smart move are already paying off gradually.

On Friday the value of the 2.45 billion shares increased in value by N3.23 billion value to a total worth of N36.45 billion from N33.22 billion a day before.

Similarly, Aliko Dangote who is reported to have about 301 million (301,971,608) shares in UBA also made money from the rise in the bank's shares.

The value of Dangote's UBA shares also increased by N404.01 million to N4.49 billion from N4.09 billion on Thursday, July 20, 2023.