Tony Elumelu’s United Bank for Africa (UBA) Plc, has joined the group of companies with a market capitalisation of over ₦1 trillion, as its share price value hits ₦29.90 per share.

At the close of trading on Monday at the Nigerian Exchange Ltd. (NGX), the bank surpassed ₦1.02 trillion in market capitalization, securing its position as the third most capitalized financial institution in Nigeria after GTCO Holdings and Zenith Bank.

This marks a remarkable increase from the ₦283.8 billion recorded by the bank at the beginning of 2023, with 34.19 billion shares in issue.

Between January 2023 till date, the price of UBA shares has appreciated by over 250 per cent from ₦7.60 per share.

Tony Elumelu, the Chairman of UBA Group, stated that this achievement coincided with the bank’s shares being recognized as the best-performing stock in the banking sector for 2023, stressing the bank’s strong growth path and enduring market confidence.

What Elumelu said:
“As UBA celebrates these significant milestones, we will like all our stakeholders to know that we remain steadfast in our mission to drive sustainable growth, foster innovation, and create value for our diverse clientele across Africa,”

“We are witnessing the impact of the business transformation drive UBA embarked on years ago and executed well. Naturally, the market has taken note of and is duly rewarding our efforts,”

“To our stakeholders, our promise is that we will continue to work harder, deliver on what we know how to do well, and create impacts across geographies where we currently operate,” he said.

Source: Business Insider