Tony Elumelu's wife, Awele, her firm HH Capital, acquire 23m units of UBA shares
Dr. Awele Elumelu

Dr. Vivian Awele Elumelu, wife of Tony Elumelu, and HH Capital Limited, the firm she founded, have acquired 23,196,236 units of the shares of the United Bank for Africa (UBA).

Awele, a medical doctor is also the chairperson of Avon Healthcare Limited.

The acquisition was revealed in corporate notices on insider trading filed with the Nigerian Exchange Limited on Monday.

Dr. Awele bought a total of 9,624,441 units of UBA shares at an average price of N20.71. She bought the shares in four tranches of 7,124,446 shares at N20.65 per unit, 1,986,880 shares at N20.70 per unit, 500,000 shares at N20.75 per unit and 13,115 shares at NGN20.75 per unit.

The transaction worth about N199.32 million, took place on the platform of the NGX on Friday. Before now, Elumelu had been increasing her stake in the business.

The move is seen by capital market operators as one to strengthen the control of the chairman of the board of the lender, Tony Elumelu.

As of December 2022, the billionaire businessman held 194,669,555 shares directly and 2,185,934,184 units indirectly.

UBA’s half-year report revealed that Elumelu still held the same number of shares directly, but his indirect shareholding had increased to 2,332,702,730 units.

His investment vehicle, HH Capital Limited, bought 13,571,795 shares at N20.70 per unit, which brought the deal to about N280.94m.

The transaction took place last Monday on the NGX platform in Lagos.

The bank’s interim consolidated and separate financial statements for June 30, 2023, show HH Capital Limited was one of the companies through which Elumelu holds interest in UBA. HH Capital held 287,612,362 units of UBA shares as of June 2023.

Earlier this month, the Group Managing Director of United Bank for Africa, Oliver Alawuba, acquired over N2.95m worth of the bank’s shares.


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