HH Capital, a private equity firm founded by billionaire investor, Tony Elumelu, has bought 70 million units of shares of United Bank for Africa where he is the chairman of the Board of Directors.
This was disclosed in a corporate filing on the Nigerian Exchange Limited on Wednesday.
According to the details of the deal, HH Capital Limited acquired 70,000,000 shares of UBA at N8 per unit on the floor of the NGX. The deal is worth N560m.
In its 2022 audited financial statements, Elumelu holds directly 194,669,555 units of UBA shares and 2,185,934,184 indirectly through HH Capital Limited (140,843,816), Heirs Holdings Limited (1,814,003,900 ) and Heirs Alliance Limited (231,086,468 units). With this latest acquisition, Elumelu has increased his shareholding in the bank.
