Banking tycoon Tony Elumelu loses $10.4 million in 27 weeks

Following a gain of more than $4.5 million in the first six weeks of 2022, Nigerian banking tycoon Tony Elumelu has seen the market value of his stake in United Bank for Africa (UBA) decline by more than $10.4 million in the past 27 weeks according to Billionaire Africa reports.

UBA is a Nigerian financial services firm that operates in 20 African countries, as well as the United Kingdom, United States, France, and, most recently, United Arab Emirates.

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.

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.