UBA’s Group Managing Director, Mr. Oliver Alawuba, acquired 35.34 million shares worth N405.105 million in the company, increasing his total shareholding.
UBA’s share price closed at N11.70 per share, marking a 2.2% gain and a 54% increase since the beginning of the year.
UBA recently reported a 47.5% growth in gross earnings and a 38.2% increase in profit before tax for Q1 2023.
Group Managing Director of UBA Plc, Mr. Oliver Alawuba has acquired an additional 35.34 million shares worth N405.105 million in the company.
According to a notice of share dealing by an insider sent to the Nigerian Exchange Limited and seen by Nairametrics, the acquisition represents 0.1% of the company’s total outstanding shares of the company.
The notice, signed by Group Company Secretary/Legal Counsel Bili A. Odum, disclosed that Alawuba purchased the 35,535,515 units of UBA shares on June 23, 2023, at an average price of N11.40 per share valued at N405.105 million.

Increase in the number of shares
With this latest acquisition, Alawuba has increased his total shareholding in UBA from 1,593,248 units of shares as of December 31, 2022, to N46,628,767 units.
The CEO had recently acquired an additional 9.5 million shares at N8.46 per share worth N80.37 million in the company.

What you should know
UBA closed today’s trading session on the Nigerian Stock Exchange (NGX) at N11.70 per share, recording a 2.2% gain over its previous closing price of N11.45. United Bank for Africa began the year with a share price of N7.60 and has since gained 54% on that price valuation.
With regards to financial performance, United Bank for Africa (UBA) Plc recorded a 47.5% growth in gross earnings for the first quarter of 2023. The Group’s profit before tax also hit N61.4 billion.
The bank’s unaudited earnings report showed that the Group’s gross earnings rose from N183.9 billion to N271.2 billion while interest income grew by 53.4% to N191.9 billion from N125.9 billion in Q1 2022.
The report also showed that operating income rose by 39.6% to N175.7 billion, as against N125.9 billion recorded in the corresponding quarter of 2022.
UBA’s profit before tax also rose significantly by 38.2% to N61.4bn in Q1 2023, from N44.5 billion recorded in the first quarter of 2022. In the same vein, profit after tax jumped from N41.5 billion to N53.6 billion representing an impressive 29.1% increase.