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Elumelu Boosts UBA Stake With N43.9bn Share Purchase
Chairman of United Bank of Africa (UBA), Tony Elumelu, has substantially expanded his ownership position through a significant share acquisition worth roughly N43.9 billion on the Nigerian Exchange Limited.
Recent insider dealing documentation submitted to the NGX reveals that these purchase transactions occurred over two days – May 29 and May 30, 2025. The shares were bought at prices between N34.55 and N34.75 each.
The filing, bearing the signature of Group Company Secretary Bili Odum, detailed how Elumelu’s acquisition strategy involved purchasing shares in multiple blocks. These blocks typically consisted of 50 million shares each, purchased at varying price points of N34.55, N34.65, N34.70, and N34.75 per unit.
The complete acquisition totaled 1,267,669,350 ordinary shares, with an average purchase price of N34.64 per share.
Elumelu, who bears the distinguished title of Commander of the Federal Republic, has established himself as a prominent figure in Nigeria’s banking and investment landscape. This substantial share purchase demonstrates his ongoing faith in UBA’s prospects and financial stability.
Additionally, Heirs Holdings Limited – Elumelu’s investment vehicle – completed its own UBA share acquisition of 45.03 million units at N34.30 each. This separate transaction occurred between May 22 and May 23, 2025, as documented in another NGX filing, thereby strengthening Elumelu’s overall stake in the financial institution.
Financial sector observers suggest this large-scale acquisition may indicate strategic ownership consolidation while potentially boosting market confidence in this major banking institution.
Separately, Tony Elumelu has urged Nigerian leadership to focus investment efforts on security infrastructure and electrical power systems as key drivers for national development acceleration.
Nigerian Exchange Reaches Record High Amid Strong Trading Activity
Kenneth Afor
The Nigerian Exchange (NGX) continued its upward trajectory, establishing a new record market capitalization of ₦70.89 trillion as equity values climbed by approximately ₦260 billion.
Active investor participation pushed the All-Share Index to 112,427 points, marking a 37 basis point gain driven by renewed enthusiasm for key market leaders.
Several major stocks contributed to the day’s positive performance. DANGCEM posted gains of 2.27%, while FIRSTHOLDCO delivered an impressive 8.82% increase. INTBREW also contributed with a 3.11% rise. The rally was supported by sustained buying pressure across medium and large-capitalization securities, with HONYFLOUR, FIRSTHOLDCO, and DANGCEM among the most active.
Market analysts attribute the bullish sentiment to growing investor confidence in Nigerian equities. The benchmark index advanced 411.53 basis points, closing at an unprecedented 112,427.48 points, representing a 0.37% daily gain.
Market participation intensified significantly, with trading volumes jumping 20.21% and transaction values surging 60.12% compared to the previous session. Market data shows approximately 622.64 million shares worth ₦16,123.75 million changed hands across 17,044 transactions.
Most Active Stocks by Volume:
– FIDELITYBK: 17.44% of total volume
– LEGENDINT: 9.83%
– UBA: 8.99%
– GTCO: 6.65%
– ACCESSCORP: 5.56%
GTCO dominated value trading, representing 17.48% of total transaction value on the exchange.
HONYFLOUR and SCOA led the gainers’ list with identical 10.00% increases. Other notable performers included IMG (+9.96%), INTENEGINS (+9.82%), MAYBAKER (+9.75%), ELLAHLAKES (+9.74%), and VERITASKAP (+9.38%), alongside twenty-eight additional advancing stocks.
Conversely, thirty-one securities declined during the session. CONOIL experienced the steepest loss at -10.00%, followed by TRANSCOHOT (-9.97%), JBERGER (-9.94%), DAARCOMM (-7.69%), UCAP (-3.51%), and ZENITHBANK (-0.72%).
Market breadth remained positive with 35 advancing stocks outnumbering 31 declining ones. Five of the six major sector indices posted gains, reflecting broad-based market strength.
The Oil & Gas sector (-0.21%) was the sole declining index, weighed down by CONOIL’s significant drop (-10.00%). Meanwhile, the Banking index (+1.36%) benefited from strong showings by GTCO (+2.10%) and STANBIC (+4.26%).
Consumer Goods stocks gained 1.05%, supported by INTBREW’s (+3.11%) performance, while Industrial Goods advanced 0.96% on DANGCEM’s (+2.27%) contribution. The Insurance sector (+0.81%) also participated in the rally, with CORNERST (+3.48%) leading the charge.
The overall market capitalization expanded by ₦259.49 billion to reach ₦70.89 trillion, matching the day’s 0.37% index performance and cementing another milestone for the Nigerian capital market.
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Wike Is Showing Gangsterism, Animism And Illegalism’ – Bala Mohammed
Bauchi State Governor, Bala Mohammed, has declared that the political standoff within the Peoples Democratic Party (PDP) has reached its tipping point, insisting that the faction loyal to the Minister of the Federal Capital Territory, Nyesom Wike, “has no legal backing” to operate within the party’s structures.
Speaking to Arise News on Tuesday from the PDP national secretariat in Abuja, Mohammed said the crisis rocking the opposition party was now favourably tilted against the Wike group.
Naija News had earlier reported that the PDP secretariat in Wadata Plaza became the centre of intense rivalry on Tuesday as two factions attempted to assert dominance.
On one side were Oyo State Governor, Seyi Makinde, alongside the newly elected National Secretary, Taofeek Arapaja, and other leaders emerging from the Oyo State national convention held over the weekend.
On the other side stood the Wike-backed bloc, led by Samuel Anyanwu, the embattled National Secretary who insists that his tenure remains valid until December 8, 2025.
The Wike camp has refused to recognise the outcome of the Ibadan convention, describing it as illegitimate.
Tensions escalated earlier on Tuesday when Governor Makinde arrived at the party headquarters with Arapaja and other party stakeholders. Their presence was seen as a symbolic assertion of control by the newly elected leadership.
Meanwhile, Wike continued to align with Anyanwu, who maintains that no new secretary has been validly elected.
Security at the secretariat was heightened as both factions attempted to gain access to meeting halls, forcing police officers to intervene and prevent clashes.
Governor Mohammed maintained that the Oyo convention, which produced the new National Working Committee, had the full backing of the party’s highest decision-making organs. He said the Wike-backed faction lacked the legitimacy to challenge the outcome.
He said, “We don’t believe there is any BoT because that is an illegality. I think the media should also educate and inculcate a sense of orderliness in the political space, so that people will know precisely what you believe in, because the shenanigans the perception should be positive.
“We had a convention where some people were expelled, and then, of course, even INEC does not recognise them, and they are being backed by the police to come and do a charade BoT meeting.
“BoT is constituted by the NWC. They don’t have NWC, and they don’t have a constitution. Our constitution says it all; if I’m expelled, I’m expelled, and it is not me or Seyi Makinde or any person; it is the convention of over 20 states of the Federation. The showdown you are seeing is a showdown between good and bad.”
Reminded that the Wike group does not believe in the outcome of the convention, and that Anyanwu has vowed to serve out his tenure as the party’s secretary, Mohammed added, “The Convention has already dissolved his own time so the convention can obstruct any NWC anywhere.”
Asked if the new chairman, Turaki, is recognised by the Independent National Electoral Commission, INEC, he said, “Yes, he is. He’s recognised by INEC because it’s a legal issue.”
He said the speculation that INEC does not recognise the new chairman “is a creation of one man called Wike who thinks that he can continue to pollute the political space by showing gangsterism, animism and illegalism, and by so doing, he is not helping even the present administration.
“All the governors are here, all the senators, all the members of the House of Representatives. Why is the media backing them, as if they have something in common with us?
The police should know that this is not a faction. It is just a splinter group that wants to battle and destroy PDP, destroy the opposition, and by doing so, destroy democracy in Nigeria… because they are illiterate. They are driven by arrogance, illiteracy, and impunity by impulse.
“So, after the convention, we have already sent all the reports to INEC, and INEC is not obliged or forced to attend any convention or any political party. Have you ever seen APC doing any conventions? Did you ask them? But they have leaders, and they are recognised by INEC. Why must we be the only people that you assess?”
He further stated, “The Constitution does not force INEC to be there, but we must give them notice. We gave them notice, and they accepted and acknowledged. We have the acknowledgement that they got the notice if they decide not to come, that is their own free volition, but certainly we have documents that we have notified them duly, and they accepted.
“So, the convention is legal, because all the court orders have been set aside by the courts, because we have already made a plea, and it has been put aside. So people should know the process of our legal system.”
On where he sees the crisis ending, should the Wike group refuse to back down, he said, “They are just being supported by the police, and you, the media, too. You don’t tell them the truth, but they should know that it has come to an end. That’s the end of hooliganism.
“They should go and leave us alone. Must we be with them, this man? Why is he working? Is he not working with APC? Why didn’t you ask him? Why is it moral for him to say that he will be in the APC to destroy us? Is it moral for him to say that? Is it normal that he’s working for somebody, and he said, “We will not produce somebody?”
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BREAKING: 44 Lawmakers Demand For Nnamdi Kanu’s Release
Forty-four lawmakers from the northern and southern regions of Nigeria, serving in the National Assembly, have written a two-page letter and resolution to President Bola Tinubu, calling for the release of the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu.
Naija News reports that the lawmakers in the letter urged the President to invoke his constitutional powers to release Kanu from detention and to convene an all-inclusive political roundtable involving all stakeholders to address the country’s challenges and find a lasting solution through a political process.
The lawmakers, under the aegis of “Concerned Federal Lawmakers,” further called on President Tinubu to direct the Attorney-General of the Federation, as soon as practicable, to exercise his constitutional authority to discontinue the prosecution of Nnamdi Kanu.
The letter was signed by Hon. Ikenga Imo Ugochinyere, Hon. Obi Aguocha, Hon. Murphy Osaro, Hon. Peter Akpanke, Hon. Mudshiru Lukman, Hon. Paul Nnamechi, Hon. Barr. Sunday Cyriacus, Hon. Obed Shehu, Hon. Engr. Dominic, Hon. Chief Ugwu Emmanuel, Hon. Daniel Asama Ago, Hon. Chike John Okafor, Hon. Adam Ogene Ogbaru, Hon. Emeka Martin Chinedu, Hon. Chimaobi Sam, Hon. Alex Mascot Ikwechegh, Hon. Donatus Matthew, Hon. Ibe Osonwa, Barr. Okey-Joe Onuakalusi, Hon. Thaddeus Atta, Hon. Udema H. Okonkwo, Hon. Cyril Godwin, Hon. Princess Chinwe Nnabuike, Hon. Kana Nkemkama, Hon. Peter Aniekwe, Hon. Gwachem Maureen, Hon. Onwunka, Hon. Anayo Onwuegbu, Hon. Nwobosi Joseph, Hon. Amobi Godwin, Hon. Blessing Amadi, Hon. Anthony Adebayo Adepoju, Hon. Dr. Joshua Audu Gana, Hon. Chris Nkwonta, Hon. Emeka Idu, Hon. Peter Ifeanyi Uzokwe, Hon. Matthew Nwogu, Hon. Tochukwu Okere, Hon. Benedict Etanabene, Hon. Godwin Offiono, Hon. Ngozi Okolie, and Hon. Nnamdi Ezechi.
The lawmakers emphasised that discontinuing the prosecution and initiating a constructive dialogue is necessary to address the matter through a political window and achieve a lasting solution.
The letter read in part: “Dear Mr. President, THE NATIONAL INTEREST DRIVEN RESOLUTION BY CONCERNED FEDERAL LAWMAKERS ON THE ISSUE OF MAZI NNAMDI KANU CONTINUED DETENTION. After a closed door strategic meeting of the following federal lawmakers committed to promotion of national unity and stability; and after extensive consultations across all party lines and different ethnic groups, we hereby wrote and subscribe to this Letter to Mr. President, concerning Mazi Nnamdi Kanu: Driven by the abiding and urgent need for national reconciliation and healing; and Having noted the Federal Government’s open negotiations with militants and different agitating groups in different parts of Nigeria; and in view of the insecurity that has pervaded Southeast since late 2015 and which spiked since 2021; andIn the realization of the many domestic court and international tribunal pronouncements in favor of Mazi Nnamdi Kanu; and In the face of the growing national groundswell supporting the release of Mazi Nnamdi Kanu and for the discontinuance of his prosecution.
“We, the within-named federal lawmakers, hereby respectfully and earnestly request our dear President, His Excellency, Bola Ahmed Tinubu, as follows: To, as soon as practicable, direct the Attorney-General of the Federation to exercise his constitutional powers and discontinue the prosecution of Mazi Nnamdi Kanu; and To, pursuant to the discontinuance of the prosecution, initiate a constructive dialogue, aimed at seeking a just political solution of the matter. We are grateful to you, our dear President, for Your Excellency’s prompt consideration of our request; and please be assured of our continuing respect for your high office.”
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US Lawmaker Speaks On Kebbi Schoolgirls Attack, Sends Message To FG
United States lawmaker, Riley M. Moore has reacted to the abduction of students in the Government Girls Comprehensive Senior Secondary School (GGCSS) Maga in Danko/Wasagu Local Government Area of Kebbi State.
Naija News reports that bandits had stormed the school in early hours of Monday morning, killing the Vice Principal and abducting about 25 schoolgirls.
A resident, Malama Murjanatu Hassan Gishiri told newsmen that the attackers stormed the school at night and operated freely, throwing the community into panic.
She described the invasion as “a heartbreaking tragedy that has thrown the entire region into deep fear and mourning”, adding that the bandits moved in large numbers and overpowered the area without resistance.
Reacting to the development in a post on his X account, Moore claimed that the incident happened in a Christian enclave in the Northern part of the country.
He called on the Nigerian government to address the “rampant violence”
He wrote, “Please join me in praying for the 25 girls who have been kidnapped and for the repose of the soul of their vice principal who was killed.
“While we don’t have all the details on this horrific attack, we know that the attack occurred in a Christian enclave in Northern Nigeria.
“The Nigerian government must do more to end the rampant violence.”
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