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Elumelu Boosts UBA Stake With N43.9bn Share Purchase

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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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Trump’s Secret Deal With Tinubu’s Govt Revealed

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Details of Nigeria’s military collaboration with the United States have emerged, following heightened coordination after former US President Donald Trump re-designated Nigeria as a Country of Particular Concern (CPC) last October.

The move came amid allegations of Christian persecution in Nigeria, which the federal government has consistently denied.

Trump later threatened to deploy troops into Nigeria “guns-a-blazing” to eliminate terrorists targeting Christians, prompting President Bola Tinubu to send a high-level delegation, led by National Security Adviser Nuhu Ribadu, to meet US Defence Secretary Pete Hegseth.

“Hegseth assured us that the department is working aggressively with Nigeria to combat terrorism, but the details of engagement were not disclosed at the time,” a source familiar with the meeting said.

Days after the high-level talks, the US began intelligence-gathering flights over Nigerian territory using contractor-operated aircraft originating from Accra, Ghana,

Punch reported. On Christmas Day, the US launched strikes on two terrorist enclaves in Bauni Forest, Tangaza LGA, Sokoto state.

The Ministry of Foreign Affairs confirmed that the “precision hits” were the result of intelligence sharing and strategic coordination under international and bilateral agreements.

Communities in Sokoto and Kwara states reported explosions, later identified as debris from precision-guided munitions (PGMs) fired by the US.

Officials revealed that the US requested a station in Nigeria to refuel drones after missions from Ghana, initially suggesting Lagos or Abuja, but the federal government proposed a north-eastern state hosting Nigeria’s drone operations.

An official said: “We’re not going to have boots on the ground. They will support Nigeria in equipment, intelligence, or advisory capacity, including training. This is not a combat operation.”

The station is expected to enhance logistical support and coordination between the two countries’ military forces

General Dagvin Anderson, head of the US Africa Command (AFRICOM), confirmed the deployment of a “small team” to Nigeria, sparking public interest.

As reported by TheCable: “AFRICOM has always collaborated with Nigeria. US troops have been present, but the scope of their assignment has changed to support intelligence and training initiatives.”

Christopher Musa, Nigeria’s minister of Defence, explained that the personnel are not combat troops but a small advisory team assisting in intelligence gathering and training.

An official also noted that the team played a key role in coordinating the Christmas Day strikes.

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Bandit Attacks: Nigerian Governor Shuts Down All Activities In The State

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Wife, Son Of Kaduna Village Head Kidnapped

Kogi State Government temporarily closes markets and motor parks to enhance security operations against criminals The State Commissioner for Information and Communications, Kingsley Femi Fanwo, said the closure affects seven local government areas, targeting logistics and movement of supplies for criminal elements Fanwo assures closure is temporary, to be lifted after successful completion of security operations

Lokoja, Kogi State – The Governor Ahmed Usman Ododo-led Kogi State Government has ordered the temporary closure of selected markets and motor parks in seven local government areas of the state.

The State Commissioner for Information and Communications, Kingsley Femi Fanwo, said the markets and motor parts are being shut down to intensify and coordinate security operations in the affected areas.

Fanwo said the development is to help flush out terrorists, bandits, and other criminal elements operating within parts of the state. As reported by Daily Trust, he made this known while briefing journalists on Sunday, February 8, 2026, in Lokoja.

He said the affected markets and motor parks are located in Lokoja, Kogi, Kabba/Bunu, Ijumu, Mopa Muro, Yagba West, and Yagba East local government areas of the state’s western district.

“The directive affects selected communities across seven local government areas of the state. “The measure is in support of ongoing clearance operations being carried out in collaboration with the Office of the National Security Adviser and the heads of security agencies in Kogi State.”

According to Fanwo, the temporary closure is to cut off logistics, restrict the movement of consumables, and deny criminal elements. The commissioner also denied their informants access to food supplies and other forms of support during the security exercise. He disclosed that the closure was strictly temporary and would be lifted immediately after the conclusion of the security operations in the affected areas.

Recall that the Kogi state government shut schools in the state to enhance security for students amid rising threats. The state government emphasised proactive measures rather than reactive responses to avoid potential crises. The development comes amid calls for police decentralisation to empower local governments in tackling insecurity.

 

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Schools, Markets Open As IPOB Ends Monday Sit-At-Home

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he Indigenous People of Biafra has announced the permanent cancellation of the Monday sit-at-home across the South-East, following a directive from its leader, Nnamdi Kanu, with effect from February 9, 2026.

The announcement was made by the group’s spokesman, Emma Powerful, in a statement issued on Sunday, which said the order came directly from Kanu. The pro-Biafran group had declared the weekly sit-at-home in August 2021 to protest Kanu’s rendition to Nigeria and subsequent incarceration, a move that often resulted in the shutdown of markets, schools, banks and offices.

Powerful said the new directive left “no need, excuse, or justification” for residents to remain indoors on Mondays, stressing that economic and social activities must resume fully.

“The IPOB, under the supreme leadership of Onyendu Mazi Nnamdi Kanu, hereby announces to the entire world that the Monday sit-at-home across the South-East is officially and permanently cancelled with effect from tomorrow, Monday, February 9, 2026.

“This directive comes directly from Onyendu Mazi Nnamdi Kanu himself, who has once again staked everything on the line to ensure that our children return to school every Monday and that our people go about their lawful businesses without fear, intimidation, or molestation,” the statement said.

The group warned that any individual or group attempting to enforce sit-at-home would be acting against Kanu’s direct order. “Kanu has made it abundantly clear that any person or group attempting to enforce sit-at-home from this moment forward is acting against his direct command,” the statement said.

Powerful also cautioned against what he described as “false-flag operations” aimed at creating fear and discouraging residents from resuming normal activities, urging people to remain calm and law-abiding.

The group further warned state governments against threatening or shutting down businesses, saying any renovation or reconstruction of markets must be carried out with the consent of stakeholders and with adequate alternative trading arrangements.

“We therefore call on all our people across the South-East to come out tomorrow, open their shops, go to work, and send their children to school without fear. The era of Monday sit-at-home is over,” the statement read.

According to an SBM Intelligence report, the sit‑at‑home directives enforced in the South‑East from 2021 to 2025 were associated with at least 776 violent incidents and 776 deaths across the region. The orders were enforced through intimidation, arson, kidnappings and targeted attacks on civilians who defied them.

The report documented 332 violent incidents and 776 fatalities over the four‑year period, with Imo and Anambra states bearing the highest toll. In addition to fatalities, the crisis crippled economic activity, with losses estimated at about N7.6tn due to repeated market closures and disruptions to transport and trade.

Last week, Anambra State Governor, Prof Chukwuma Soludo, ordered the forced reopening of the Onitsha Main Market on Monday, in a move defying the sit-at-home directive issued by IPOB. During an earlier visit on Monday, January 26, 2025, the governor had ordered the market to be shut after traders failed to open that day.

Following a one-week closure, the market was reopened on Monday, February 2, with many traders operating for the first time since 2021, when the enforcement of the sit-at-home order began.

Addressing the visibly elated traders, Soludo declared an end to Monday sit-at-home directives and warned that any trader complying with IPOB’s order would risk forfeiting their business premises. He added that those who refused to open their shops would face the loss of their businesses.

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