Has Aliko Dangote Bought UBA Bank From Tony Elumelu For 20 Billion Dollars?
On March 23, 2026, an X user, @MRmneyheod, claimed that Tony Elumelu, the chairperson of the United Bank of Africa, UBA, has put up the bank for sale with a price tag of 20 billion dollars, and Africa’s foremost billionaire and the owner of Dangote Group and Refinery, Aliko Dangote, is already sealing the deal. The post, which has images of Elumelu, Dangote and UBA’s logo, is captioned, “Tony elumelu, has reportedly put the united bank of Africa up for sale for about $20 billion, close sources confirmed that it has already been sold to aliko dangote”
When this report was published, the post had over 132,200 views and about 2,500 replies, reposts, quotes, likes, shares and bookmarks. In the comment section, @ManthelotOlric wrote “Dangote isn’t even worth 20 Billion how would he purchase a bank that’s higher than his net worth ?.”
VERIFICATION
Tony Elumelu is the chairperson and a major shareholder of UBA, one of Africa’s largest banking groups operating in over 20 countries. Elumelu began his career in banking in the late 1980s and became the youngest Nigerian branch manager at AllStates Trust Bank. In 1997, he led the acquisition of distressed Crystal Bank, transforming it into Standard Trust Bank. By 2005, he engineered its landmark merger with United Bank for Africa, the largest banking merger in sub-Saharan Africa, expanding UBA’s footprint to 20 African countries and major global cities.
After leaving UBA’s executive role in 2010, Elumelu founded Heirs Holdings, a family-owned conglomerate investing in energy, financial services, hospitality, real estate, and healthcare. Through Heirs Energies and Transcorp, he has championed integrated energy projects, including Nigeria’s OML 17 oil block and Transcorp Power, one of the nation’s leading electricity producers.
Recent information shows that Elumelu has been increasing his stake in UBA, signalling confidence in the bank rather than an intention to sell.
There are no credible news reports from reputable financial media, regulatory filings, or official statements confirming that UBA is up for sale.
Aliko Dangote is a Nigerian billionaire industrialist, investor, and philanthropist. He is the founder, president, and chief executive of Dangote Group, West Africa’s largest conglomerate with interests spanning cement, sugar, salt, fertilisers, and oil refining. As of 2025, he remains Africa’s richest person, with a net worth exceeding 24 billion dollars.
Founded in 1977, the Dangote Group grew from a local trading firm into an industrial powerhouse. Its publicly traded subsidiary, Dangote Cement Plc, produces over 48 million metric tons of cement annually across 10 African countries. The Dangote Oil Refinery, completed in 2024 at a cost of around 20 billion dollars, is Africa’s largest refinery and a cornerstone of Nigeria’s industrial self-reliance. Moreso, there is no evidence that indicates Dangote has bought United Bank for Africa.
Selling a bank in Nigeria is a highly regulated and complex process governed primarily by the Central Bank of Nigeria, CBN, alongside other regulatory bodies such as the Securities and Exchange Commission, SEC, and, in some cases, the Federal Competition and Consumer Protection Commission, FCCPC. The modalities involve legal, financial, and regulatory steps designed to ensure stability, ensuring transparency, competition, and investor protection in the banking system.
The current valuation of United Bank for Africa (UBA) is best measured by its market capitalisation (total value of all its shares), which is about 2.04 trillion naira (1.5 billion dollars) as of March 2026.
CONCLUSION
The claim that Tony Elumelu has put up the United Bank of Africa for sale with a price tag of 20 billion dollars, with Dangote already sealing the deal, is FALSE. Findings reveal that Elumelu has been increasing his stake in UBA, signaling confidence in the bank rather than an intention to sell. There is no evidence that Aliko Dangote has bought United Bank for Africa, and buying over a bank in Nigeria usually involves a rigorous process.
