Billionaire Businessman Tony Elumelu Loses $10.4 Million in 7 Months.
Billionaire businessman and chairman, UBA group has reportedly lost $10.4 Million in a 7-month period from his stake in UBA.
United Bank for Africa is a Nigerian banking and financial services firm with operations spanning several African countries and the United States, France, the United Kingdom, and recently the United Arab Emirates.
Billionaire.Africa reports that;
“Elumelu, one of Africa’s most powerful businessmen, owns a sizeable 6.96-percent stake in the banking group, or 2,380,941,756 ordinary shares. He has played a critical role in transforming the Nigerian banking space through the growth and expansion of UBA under his leadership.”
Tony Elumelu is an economist and philanthropist. He is also chairman of the board of Directors, Heirs Holdings, Transcorp, and founder of The Tony Elumelu Foundation.
The report further stated that gains made within the first six weeks of 2022 which increased his earnings to $4.5 million have been eroded by the loss of $10.4 Million in the past 7 Months.
“Shares in the financial services group were valued at N7 ($0.0167) as of press time on Aug. 18, 72 basis points lower than their opening price on the Nigerian Exchange this morning, giving the banking group a market cap of N239 billion ($568.6 million).
“Since Feb. 10, exactly 27 weeks ago, UBA shares on the exchange have fallen from N8.85 ($0.0211) to N7 ($0.0167) at the time of writing this report, resulting in a total 21-percent loss for shareholders.
“The market value of Elumelu’s 6.96-percent stake has dropped from N21.07 billion ($50.13 million) on Feb. 10 to N16.67 billion ($39.65 million) at the time of writing this report. In total, the multimillionaire banking tycoon has lost N4.4 billion ($10.48 million) in the past 27 weeks.
Despite Nigeria’s poor economic outlook, Elumelu remains undeterred as he continues to advance with ambitious vigor his business interests across the globe.
A few weeks ago, he commissioned a brand new ultra-modern branch of the bank in Dubai. Today he commissioned another ultra-modern UBA Experience Center in Nigeria’s capital city of Abuja, located within his Transcorp Hilton Hotel premises.
During this launch in Abuja, he said;
“UBA has invested significantly in cutting edge technology in a bid to boost its overall services to customers and meet their needs at every touchpoint. “The UBA Experience Center is a further demonstration of the bank’s unalloyed commitment to ensuring premium services as well as reaffirming its customer focused culture globally.”
Last July, amidst the economic downturn in Nigeria, Aliko Dangote reportedly lost $700 Million.
The opening of the branch expands UBA’s global presence to 24 countries and four continents. The move is part of the bank’s strategic expansion plans to become a leading international bank.