Tony Elumelu, a prominent Nigerian billionaire and Chairman of United Bank for Africa (UBA), is set to receive a substantial dividend of N1.68 billion due to the bank’s interim dividend announcement of 25 kobo per share for the first half of 2025.
His direct ownership in UBA will yield approximately N375.4 million, while the majority of his payout, around N1.3 billion, will stem from his indirect shareholdings through various investment entities.
This significant dividend reinforces Elumelu’s status as one of Nigeria’s leading recipients of consistent dividend income, despite UBA reducing its interim payout from the unprecedented N2.00 per share declared in the same period of 2024.
Elumelu’s wealth from UBA is derived from his ownership of 1.5 billion direct shares and an additional 5.2 billion shares held indirectly through investment vehicles, showcasing his extensive influence in the pan-African financial institution.
Elumelu’s Indirect Shareholdings in UBA
HH Capital Limited: 1,184,447,676 shares
Heirs Holdings Limited: 2,115,222,826 shares
Heirs Alliance Limited: 258,972,915 shares
STH Limited: 1,336,225,622 shares
Eternal Properties: 324,885,419 shares
Total Indirect Shares: 5,219,754,458
UBA’s financial performance for the first half of 2025 showed a pre-tax profit of N388.4 billion, slightly down from N401.5 billion in the same period of 2024. Despite this decline, the bank maintained strong revenue streams, particularly from interest income, which grew 32.9% to N1.3 trillion from N1 trillion the previous year. Key contributors included treasury bills (N366.4 billion), corporate term loans (N319 billion), bonds in investment securities (N279.2 billion), cash and bank balances (N113.2 billion), and loans to banks (N105.6 billion).
The bank’s total assets increased to N33.2 trillion from N30.3 trillion in December 2024, with retained earnings rising by nearly 13% to N1.6 trillion, reflecting UBA’s ability to maintain financial stability amid economic challenges.
Elumelu has consistently benefited from UBA’s dividends. In 2024, he reportedly earned N12.71 billion from his combined 2.54 billion direct and indirect shares, held through entities like HH Capital Limited, Heirs Holdings Limited, and Heirs Alliance Limited, according to reports.
In 2022, his dividend income from UBA totalled approximately N2.66 billion based on a N1.10 per share payout, while in 2021, a N1.00 per share dividend resulted in earnings of about N2.38 billion. These consistent returns have solidified his reputation as a top dividend earner in Nigeria.
UBA’s dividend policy has seen notable changes. In 2024, the bank paid a total of N5.00 per share, a significant increase from N2.80 in 2023, raising its payout ratio to 22.31% from 15.76%.
