News
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.
News.ng
The Senate has amended its internal rules that restricted the eligibility of those interested in the Senate presidency to a few.
This is as the new rules indicated that only members of the 10th National Assembly, who returned to the Chamber after the 2027 election, can become principal officers in the 11th assembly.
The decision was reached after a marathon closed-door session that was publicly criticised by Senator Adams Oshiomhole from Edo state.
The Senate has made a major shift to its internal rules as it amended its standing orders to restrict the eligibility of candidates for the office of the Senate President to only members of the 10th National Assembly.
The move came after a marathon closed-door session where the lawmakers agreed on new criteria that prioritise parliamentary hierarchy and experience. Under the revised rules, only senators who have been in the national assembly would be able to contest for principal offices.
According to Channels TV, the new law stated that at least one of the two terms must be the immediate term before the nomination, a move that effectively narrowed the field of contenders.
The amended Order 4 of the Senate reads:
“Nomination of Senators to serve as Presiding Officers shall be in accordance with the ranking of Senators and shall be strictly adhered to.
“This means that only senators currently serving under the Senate President Godswill Akpabio’s leadership of the 10th Assembly who secured their re-election in the 2027 general elections would be able to contest for the Senate presidency and other principal offices.
According to the Senate, the development was intended to strengthen adherence to the tradition of ranking within the Upper legislative chamber
Daily voice.ng earlier reported that Senate President Godswil Akpabio has blamed the insecurity in the country on the upcoming elections, and predicted improvement after the polls.
However, some critics of the claim have challenged Akpabio’s views and highlighted the need for peace ahead of elections.
At the same time, public reactions have revealed mixed feelings on security and Akpabio’s optimistic outlook ahead of the 2027 general elections.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has filed fresh criminal charges against former Kaduna State Governor, Nasir El-Rufai, and seven others over alleged fraud and money laundering linked to a ₦10.8 billion CCTV security project in the state.
According to court documents filed at the Federal High Court in Kaduna on April 17, the anti-graft agency brought 11 counts against the former governor and the other defendants under the Money Laundering (Prevention and Prohibition) Act, 2022.
A former Kaduna State Commissioner for Information and Chairman of Liberty Television, Alhaji Tijjani Ramalan, disclosed the development in a post on his Facebook page.
Ramalan said El-Rufai and the seven other accused persons would soon face the new charges.
The ICPC alleged that El-Rufai approved the award of an ₦8.68bn CCTV contract in December 2015 to a company it claimed lacked the required competence.
The commission also alleged that several large sums were received and transferred between 2017 and 2022 by individuals and companies linked to the project.
The firms mentioned include Singularity Network Security Limited and other companies allegedly connected to the CCTV security project.
Others named in the case include a former Kaduna State government official, Jimi Lawal; senior executives of IHS Towers; and five companies.
One of El-Rufai’s sons, Bashir El-Rufai, was also mentioned in the allegations but was not listed as a defendant.
The fresh charge is the third set of charges filed by the ICPC against the former governor since March.
El-Rufai is already facing separate corruption-related cases involving other state projects, including a light rail contract and severance payments.
He had denied wrongdoing in earlier court appearances.
Other agencies, including the Department of State Services (DSS) and the Economic and Financial Crimes Commission (EFCC), are also investigating or prosecuting him over separate allegations.
A statement by former President Goodluck Jonathan has been read before the Southwark Crown Court in the United Kingdom in the ongoing trial of Diezani Alison-Madueke.
The statement was presented during proceedings on Tuesday, according to BBC reports.
In the statement, Jonathan said it was not unusual for third parties to make payments on behalf of ministers during official overseas duties.
“Any properly incurred incidental or in-kind assistance from third parties would be recorded and reimbursed where applicable,” the former president was quoted as saying.
He also confirmed that he approved Alison-Madueke’s use of private jets for certain foreign trips.
Alison-Madueke, who served as minister of petroleum resources from 2010 to 2015, is standing trial alongside Olatimbo Ayinde and Doye Agama.
They are facing a five-count charge bordering on accepting bribes but have all pleaded not guilty.
Earlier in the trial, prosecutors accused the former minister of accepting luxury goods and access to high-end properties from individuals seeking favourable treatment in oil contracts.
They alleged that the benefits were provided in exchange for influence within the petroleum sector.
Counsel to Alison-Madueke, Jonathan Laidlaw, told the court that his client had no real influence over the award of oil contracts during her time in office.
Meanwhile, Nigerian businessman Igho Sanomi and Ghanaian businessman Kevin Okyere have denied allegations of bribery.
Their statements, read in court, indicated that payments made on behalf of the former minister were later reimbursed.
Okyere stated that he paid about £3,900 for items purchased by Alison-Madueke in 2014, adding that the money was later refunded in cash.
Sanomi also said items he purchased on behalf of the former minister were reimbursed, insisting that his companies secured contracts through fair competition.
The trial is ongoing, with further proceedings expected as the court continues to examine evidence and witness statements.
Breaking: Drama As Senate Changes Rules To Become Senate President
REVEALED: Tension Rises As Suspects Admit Knowledge Of Plot Against Tinubu
BREAKING: Full List Of ADC Reps Defecting With Peter Obi And Kwankwaso
Former Super Eagles Star Loses Life Savings, Duped By A Pastor of ₦1.2 Billion
These ’90s fashion trends are making a comeback in 2017
