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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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BREAKING: Winner Emerges In Kano Bye-Election As APC, NNPP Lock Horns

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The All Progressives Congress (APC) has emerged winner of the Ghari/Tsanyawa supplementary election in Kano state

The returning officer, Professor Muhammad Waziri of Bayero University, declared Garba Ya’u Gwarmai of the APC winner with 31,472 votes

Waziri defeated the candidate of the New Nigeria Peoples Party (NNPP), Yusuf Ali Maigado, who polled 27,931 votes

2027: Pat Utomi Opens Up On working On A New Mega Party
The All Progressives Congress (APC) has secured victory in the Ghari/Tsanyawa supplementary election held in Kano state.

Announcing the results on Sunday morning, August 17, the returning officer (RO), Professor Muhammad Waziri from Bayero University, declared APC candidate Garba Gwarmai the winner with a total of 31,472 votes.

He defeated the candidate of the New Nigeria Peoples Party (NNPP), Yusuf Maigado, who polled 27,931 votes, according to The Punch.

The supplementary poll was conducted after the initial election in the constituency was declared inconclusive. With a margin of 3,541 votes, Gwarmai’s victory marks a key win for the APC as the party continues to reinforce its influence across the state.

Meanwhile, the NNPP won the Bagwai/Shanono state assembly by-election in Kano state.

Daily Trust and Vanguard noted this update.

Announcing the result at 12:36 a.m. on Sunday, August 17, the RO for the election, Prof. Hassan Adamu Shitu, declared the NNPP candidate, Ali Hassan Kiyawa, winner with 16,198 votes, defeating the APC candidate, Ahmad Muhammad Kadamu, who polled 5,347 votes.

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Tinubu’s Government Lacks Effective Communication Strategy  - Babangida

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Nigeria, Benin Sign Integration Pact

Former Governor of Niger State, Dr. Babangida Aliyu, has said that the administration of President Bola Tinubu is performing well but lacks an effective communication strategy to relay its achievements to Nigerians.

Aliyu made the statement on the Thursday edition of Arise Television’s ‘The Morning Show’, while reacting to the outcome of a recent public accountability session held in Kaduna.

Aliyu, reflecting on the discussions at the Kaduna Forum, said the government is facing public dissatisfaction not because it hasn’t delivered, but because it is failing to tell its own story effectively.

The ex-governor said it is proper for political leaders in the North to make demands from Tinubu’s administration since the bulk of the votes that took power came from the region.

“Let the people understand what is happening on the ground. If by what we say that 63/64 percent of the vote came from the north, it is only logical that the north will be expecting so much from the government.

“But from what we have seen so far is that the government is doing well but they do not know how to communicate very well,” he said.

 

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New Twist As El-Rufai Snubs ADC, Announces Another Party To Vote In Kaduna Bye-Election [ Video Trends]

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Former Kaduna governor, Nasir El-Rufai, appeared to have taken a reverse from the coalition’s adopted political platform, ADC

This is as the former governor took to social media and asked the people of Zaria, Chikun to vote for another party in the Saturday, August 16 (today), bye-elections in the constituencies in Kaduna

Recall that the former governor recently visited Sokoto to canvass support for the ADC, while criticising President Bola Tinubu and the APC government.

Click to watch El-Rufai’s video here

Nasir El-Rufai, the immediate past governor of Kaduna, has fueled speculations that he dumped the recently adopted coalition political platform, African Democratic Congress (ADC), as he called on the people of Chikun/Kajuru federal constituency and Zaria Kewaye and Basawa state constituency to vote for the Social Democratic Party (SDP).

However, in a dramatic turn, the former governor urged the people of Zaria and Chikun to vote for the SDP in the Saturday, August 16, by-election, a poll which was meant to test the opposition’s strength ahead of the 2027 general election.

Recall that El-Rufai defected to the SDP after dumping the ruling All Progressives Congress (APC), but soon after joining the party, the SDP fell into a leadership crisis, and the former governor has been silent on his membership and allegations against him.

El-Rufai recently visited Sokoto on a mission to gather support for the ADC. He described his action as a patriotic one to rescue Nigeria from the grip of ‘nepotism’ and ‘incompetence’.

During his visit to Sokoto, the former governor attended two important events meant to sensitise the people and political stakeholders working to achieve the agenda of sacking President Tinubu and the APC in the next general election.

During his address at the event, the former governor lambasted the ruling party and called them ‘a failed, clannish, and visionless administration that has plunged Nigeria into deeper socio-economic misery’.

He declared that it was time for Nigerians to rise against the APC and accused the party of ‘broken promises and elite conspiracy’. He warned that any move to vote for the APC beyond 2027 would be a greater doom for the country.

However, in a sharp turn, the former governor, in a video posted on his social media page ahead of the by-election, urged the people in the constituencies where the poll will be held in Kaduna on Saturday, August 16, to vote for the SDP rather than the ADC he went to Sokoto to canvass for.

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