Billionaire investor and Chairman of United Bank for Africa (UBA), Tony Elumelu, is set to earn N1.68 billion in dividends following UBA’s interim payout of 25 kobo per share for the first half of 2025. The payment reflects his substantial shareholding in the pan-African bank, comprising 1.5 billion direct shares and 5.2 billion indirect shares held through various investment entities.
Elumelu’s direct stake will yield approximately N375.4 million, while his indirect holdings, managed through HH Capital Limited (1.18 billion shares), Heirs Holdings Limited (2.12 billion shares), Heirs Alliance Limited (258.97 million shares), STH Limited (1.34 billion shares), and Eternal Properties (324.89 million shares), will contribute an additional N1.3 billion. This significant payout reinforces Elumelu’s status as one of Nigeria’s top dividend recipients, despite UBA reducing its interim dividend from N2.00 per share in 2024.
UBA reported a pre-tax profit of N388.4 billion for the first six months of 2025, slightly down from N401.5 billion in the same period of 2024. However, the bank’s financial performance remained strong, driven by a 32.9% increase in interest income to N1.3 trillion, up from N1 trillion the previous year. Key contributors included treasury bills (N366.4 billion), corporate term loans (N319 billion), bonds (N279.2 billion), cash and bank balances (N113.2 billion), and loans to banks (N105.6 billion).
The bank’s balance sheet showed resilience, with total assets growing to N33.2 trillion from N30.3 trillion in December 2024. Retained earnings also increased by nearly 13% to N1.6 trillion, underscoring UBA’s ability to maintain capital strength amid economic challenges.
Elumelu’s dividend earnings from UBA have been consistently substantial. In 2024, he received an estimated N12.71 billion from a total of 2.54 billion shares held directly and indirectly. In 2022, his dividend income was approximately N2.66 billion at N1.10 per share, and in 2022, he earned about N2.38 billion at N1.00 per share. These figures highlight his enduring position as a leading dividend earner in Nigeria.
UBA’s dividend policy has seen notable changes. The bank paid a total of N5.00 per share for the 2024 financial year, up from N2.80 in 2023, raising its payout ratio to 22.31% from 15.76%. The 2025 interim dividend, though lower than the previous year, reflects UBA’s strategy to balance shareholder returns with financial stability in a volatile economic environment.
