Nigerian businessman and philanthropist Tony Elumelu has witnessed a remarkable increase of $8.7 million in the market value of his stake in United Bank for Africa (UBA) over the past three weeks.

Elumelu, recognized as one of Africa’s most influential businessmen, had previously suffered a setback of $1.1 million due to the devaluation of the naira.

Despite this setback, he remains one of the wealthiest investors on the Nigerian Exchange and one of Nigeria’s richest businessmen.

Tony Elumelu currently holds a 7.17-percent stake in UBA, equivalent to 2,450,603,739 ordinary shares, with a market value of $44 million at the time of this report, according to data tracked by Billionaires.Africa.

According to data tracked by Billionaires.Africa, the market value of Elumelu’s stake in UBA has surged from N28.18 billion ($35.8 million) on June 19 to N35.04 billion ($44.54 million) on July 11, marking an impressive increase of N6.86 billion ($8.72 million) within the past 21 days.

This significant boost can be attributed to the surge in the bank’s share price on the Nigerian Exchange.

Since June 19, UBA shares on the Nigerian Exchange have increased by 24.3 percent, rising from N11.5 ($0.0146) on June 19 to N14.30 ($0.0181) at the time of writing this report. This surge has resulted in substantial gains for investors on the local bourse.

Boasting a current share price of N14.30 ($0.02), UBA stands as one of the most valuable companies on the Nigerian Exchange, with a market capitalization of N489 billion ($626 million).

With a pan-African presence across 24 countries spanning four continents, including the United Kingdom, the United States, France, and the United Arab Emirates, UBA continues to solidify its position as a significant player in the financial sector.