The purchase of two million units of United Bank for Africa (UBA) shares by Ugochukwu Nwaghodoh, the Executive Director, Risk Management and Finance, has been disclosed in a corporate filing on the Nigerian Exchange Limited.

The transactions were conducted in four separate instances, with Nwaghodoh acquiring 319,359 units at NGN8.15 per share, 200,000 units at NGN8.20 per share, 1,200,000 units at NGN8.20 per share, and 280,641 units at NGN8.25 per share.

The total value of the deal exceeds N16 million and took place on Friday at the NGX trading floor in Lagos.

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UBA’s 2022 financial reports revealed that Nwaghodoh previously held 5,399,816 units of shares in the bank. With this recent acquisition, his total stake now amounts to 7,399,816 units.

It is worth noting that Tony Elumelu, the chairman of the Board of Directors and founder of HH Capital, a private equity firm, also purchased 70 million units of UBA shares.

As of December 2022, Elumelu holds a direct stake of 194,669,555 units of UBA shares, along with indirect holdings through HH Capital Limited, Heirs Holdings Limited, and Heirs Alliance Limited, totaling 2,185,934,184 units.