Just like Afriland Towers, which billionaire businessman Tony Elumelu leases in part to United Bank for Africa (UBA), fresh information indicates that the real estate firm has also taken ownership of UBA House, the bank’s iconic headquarters on Marina, Lagos.
Sources told SaharaReporters that Afriland Properties now rents the UBA House building back to the bank.
In addition, sources told SaharaReporters that another company linked to Elumelu is responsible for leasing all the vehicles used by UBA to the financial institution.
“Afriland now owns even the UBA House and rents it to the bank; Elumelu also leases all the vehicles used by UBA to the bank through another company owned by him,” one of the sources said.
SaharaReporters earlier on Sunday reported that Afriland Towers, the Lagos high-rise building where a fire erupted last Tuesday and has since left multiple people dead, is owned and managed by Afriland Properties Plc, the real estate investment arm of billionaire Tony Elumelu’s Heirs Holdings Group.
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Heirs Holdings, a family-owned investment company chaired by Elumelu, has interests spanning banking, power, healthcare, and hospitality.
Through Afriland Properties, the group oversees several landmark projects, including Afriland Towers at 97–105 Broad Street, Lagos Island. The building also houses a branch of United Bank for Africa (UBA), where Elumelu serves as chairman.
SaharaReporters also reported that while Afriland has put the official death toll at 10, sources revealed that as many as 20 people may have lost their lives in the fire incident.
Elumelu Speaks On Tragedy
Last Wednesday, Elumelu expressed deep sorrow over the fire outbreak at the building.
In a statement, Elumelu said he was “shattered” by the tragedy, describing it as a painful reminder of the irreplaceable value of people who drive the company’s mission daily.
“No words can capture the magnitude of this loss, not for their families who loved them, not for the friends who valued them, and not for those of us who worked beside them,” he said.
Elumelu said that he learnt of the incident while en route to New York for the United Nations General Assembly (UNGA), and decided to cut short his trip and return to Lagos “as a mark of respect to our lost colleagues.”
He urged staff and colleagues to show solidarity by reaching out to those injured and currently receiving care, stressing that the company would provide sustained support to the bereaved families.
The fire, which broke out on Tuesday afternoon, initially caused widespread panic after reports circulated that UBA’s headquarters was on fire.
UBA later issued a statement to calm fears, stressing that its Marina head office, UBA House, was not involved in the incident.
“We are aware of the fire incident at a building on Broad Street, Lagos Island, which incidentally houses one of our many branches in Lagos Island,” the bank said
“As against reports on online and social media, the affected building is not UBA House, Marina, the Bank’s head office.”
The bank added that all staff, customers, and visitors at the Broad Street branch were safely evacuated.
Despite those assurances, it was later confirmed that at least 10 people had died in the fire. Videos shared online showed desperate office workers leaping from windows to escape the smoke-filled floors, while passersby mounted frantic rescue efforts with makeshift equipment.
Eyewitnesses described chaotic scenes as smoke billowed from the tower, drawing large crowds to Broad Street while emergency responders struggled to gain access.
Meanwhile, Afriland Towers will remain closed indefinitely following the deadly fire incident.