Nigerian businessman and philanthropist, Tony Elumelu, has experienced a remarkable boost in the value of his United Bank for Africa (UBA) stake on July 21, witnessing an impressive increase of $4.3 million in just one day.

Despite facing a setback of $1.1 million due to the devaluation of the naira, Elumelu, known for his influence in African business circles, remains among the wealthiest investors on the Nigerian Exchange and ranks high among Nigeria's richest businessmen.

As of the latest report, Elumelu holds a substantial 7.17-percent stake in UBA, which translates to 2,450,603,739 ordinary shares with a market value of $47 million.

According to data from Billionaires.Africa, the market value of his UBA stake soared from N33.21 billion ($42.80 million) on July 20 to N36.51 billion ($47.06 million) on July 21, representing a staggering increase of N3.31 billion ($4.26 million) within a single day.

This significant surge occurred as UBA shares on the Nigerian Exchange jumped by an impressive 9.96 percent, rising from N13.55 ($0.0285) on July 20 to N14.90 ($0.0365) at the time of reporting. The surge brought substantial gains for investors in the local bourse.

UBA now holds a position as one of the most valuable companies on the Nigerian Exchange, boasting a current share price of N14.90 ($0.04) and a market capitalization of N510 billion ($657 million).

With a presence in 24 countries across four continents, including the United Kingdom, the United States, France, and the United Arab Emirates, UBA continues to establish itself as a significant player in the financial sector.

Elumelu's impressive gains in UBA, driven by the surge in the bank's share price, further solidify his status as a leading figure in Africa's business landscape and underscore UBA's resilience and strong performance in the financial market.