UBA becomes new trillion-naira bank in Nigeria, as Elumelu makes over N2bn in hours

The United Bank for Africa has set a personal record of becoming the latest member of Nigerian companies with a market value of over N1 trillion.

Data from the Nigerian exchange showed that at the close of trading on Monday, January 8, 2023, the market capitalisation of UBA touched N1.02 trillion.

The market value of UBA increased due to a rise in its share price, which climbed to N29.90 on Monday from its previous closing price of N28.95 on Friday, January 5, 2023.

UBA joins exclusive list

The latest performance of UBA has helped the bank join the list of Nigerian companies with a market value exceeding N1 trillion.

Companies with over N1 trillion market capitalisation in the NGX are categorised as SWOOTs (Stocks Worth Over One Trillion).

The other Nigerian companies valued at over 1 trillion on NGX include MTN Nigeria Airtel Africa Dangote Cement BUA Foods BUA Cement GTCO Holdings Zenith Bank Seplat Energy FBN Holdings Plc and Stanbic Bank are other Nigerian banks that recently crossed the N1 trillion market capitalisation threshold.

Tony Elumelu's worth rises

Tony Elumelu, the board chairman of the UBA, has benefited from the bank's strong performance.

According to checks by Legit.ng, the billionaire businessman has 2.5 billion (2,527,372,285) indirect and indirect UBA shares as of June 30, 2023.

As of Friday, January 5, when the share price was N28.95, the value of Elumelu's investment stood at N73.12 billion.

UBA shares price increased to N29.9 on Monday, June 8 this increase helped Elumelu's investment to N75.49 billion.

This means Elumelu's investment in UBA helped him earn over N2.36 billion after 4 hours(9:30 am to 2 pm) of trading on Monday, January 8, 2023.