25
May
In a strategic move to solidify his position as one of the most successful businessmen in Nigeria, Tony Elumelu nearly two weeks ago purchased an additional stake in United Bank for Africa (UBA), one of the country’s leading lenders. The acquisition has catapulted the market value of his stake in the Lagos-based bank to over $44 million, underscoring his prowess in the Nigerian Exchange. At the start of the year, Elumelu held a 6.96-percent stake in UBA, which equated to 2,380,603,739 ordinary shares. With his recent acquisition of 70 million shares on the Nigerian Exchange, valued at N560 million ($1.21…