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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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Atiba Varsity Tasks New Staff, Places Premium On Academic Excellence

The Vice Chancellor of Atiba University, Oyo, Professor Sunday Okeniyi, has enjoined the newly employed staff of the institution to develop the spirit of teamwork, respect, and discipline, which are the hallmarks of every successful institution.
Okeniyi disclosed this during the orientation programme for the newly employed staff of the institution.
While welcoming the newly employed staff, he also congratulated them on their successful appointment into the fast-rising institution. “Your joining us today is not by chance, but by merit, commitment, and the will of God. Atiba University is a citadel of learning and character formation, envisioned to nurture and produce men and women of excellence, integrity, and service. By becoming part of this family, you are now co-builders of this noble vision.”
The V-C said the orientation programme was a deliberate initiative of the management to formally integrate the new staff into the University system. “It is designed to give you a clear understanding of our mission, vision, core values, rules, and operational culture. Our goal is not just for you to work here, but for you to thrive, contribute meaningfully, and leave an indelible mark on the growth and transformation of this University.”
He explained that the university places a premium on academic excellence, innovative research, moral uprightness, and community development. These values define the identity and are the standards the staff must all uphold in their respective assignments—whether as academic staff shaping young minds or as non-teaching staff providing essential support services that make our work possible.
While admitting much needed to be done, Okeniyi said the institution has recorded remarkable progress within a short time. “The future we envision—a future of global competitiveness, leadership in innovation and knowledge, and impact within and beyond Nigeria—requires the collective commitment of every member of staff. That includes you. Your dedication, creativity, and professionalism are needed to propel us forward,” he said.
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This Is War, Kill Every Single One Of Them – Fani-Kayode Blows Hot Over Zamfara Mosque Massacre

Former Aviation Minister Femi Fani-Kayode has condemned the gruesome murder of five worshippers during an early morning prayer in Yandoto village, Tsafe Local Government Area of Zamfara State.
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Speaking via his 𝕏 account, he insisted that the killers should be wiped out, adding that there should be no room for discussions or negotiations.
Fani-Kayode asserted that the killers are terrorists not bandits and described their actions as an act of war.
He wrote: “These are not bandits. Pls stop calling them bandits. They are bloodthirsty killers and terrorists and every single one of them should be wiped off the face of the earth.
“If our people cannot worship God in peace then we have nothing. No negotiation, no discussion, no ransom payments, no rehabilitation.
“This is WAR. Kill every single one of them, wipe out their blood line and decimate their communities and abodes. There is no place on earth for those that slaughter innocent civilians.”
Meanwhile, the Peoples Democratic Party (PDP) in Kwara State has accused Governor AbdulRahman AbdulRazaq of failing to address the escalating banditry crisis in the state.
Naija News reports that a deadly attack occurred on Sunday in Oke-Ode, Ifelodun Local Government Area, which left several residents and vigilante members dead.
Speaking via a statement on Monday, the Publicity Secretary of the party, Olusegun Olusola Adewara, described the massacre as “a despicable and senseless act.”
He blamed the governor for the insecurity situation in the state, noting that it is a monumental leadership failure.
Adewara said, “The gruesome videos of the casualties circulating online make it look like Kwara is now at war. Under AbdulRahman’s watch, terror is reigning, kidnappers are taking over rural villages, and nowhere is safe again.”
The opposition party faulted AbdulRazaq’s alleged silence and absence from the affected community, insisting that a responsible leader should have personally visited Oke-Ode to commiserate with victims’ families and give assurances of decisive action.
It further accused the governor of neglecting local vigilantes and security personnel “battling criminals in the bush,” while diverting funds to “footballers and entertainers outside the state.”
The PDP’s criticism comes amid rising concern in Kwara North, where repeated bandit attacks have forced residents to abandon farms, schools, and businesses.
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Nigeria @65: Atiku Knocks Tinubu’s Government In Strongly-Worded Independence Day Message; Details Emerge

Former Vice President Atiku Abubakar, has praised Nigerians for what he described as “uncommon patience, endurance, and resilience despite living under suffocating socio-economic and security conditions”
In his Independence Day message to Nigerians, the opposition leader alleged that the ruling All Progressives Congress (APC) administration had abandoned Nigerians to their fate
Atiku lamented that Nigerians were enduring pains from “raging insecurity, rising food scarcity, mass unemployment, and a dangerous climate of hopelessness all “compounded by the insensitivity of the APC-led administration
In an Independence Day message released by his media office, obtained by Legit.ng, Atiku lamented that Nigerians are enduring excruciating pains from raging insecurity, rising food scarcity, mass unemployment, and a dangerous climate of hopelessness.
The presidential hopeful accused the Tinubu administration of being insensitive to the plight of Nigerians.
Atiku declared: “It is tragic that in a country blessed with immense human and material resources, millions of our people have been reduced to refugees and beggars in their fatherland. Every responsible government holds the welfare and security of its citizens as supreme. But what we have today is an administration that has abandoned its people. Hunger is killing Nigerians, bandits are massacring communities, yet President Tinubu and his cabinet stand by, unmoved and uncaring.”
Furthermore, Atiku called on citizens not to lose faith, reminding Nigerians that the 2027 election provides a clear opportunity to reject bad leadership and reclaim the promise of a better tomorrow.
He said: “The beauty of democracy lies in the power of the ballot. Oppressed and battered as our people may feel today, they will have the chance to sweep away this inept government at the next polls. That is the power no cabal can take away from the people.”
At 65, Atiku noted, Nigeria remains “a giant moving painfully slow on feet of clay”.
The 78-year-old blamed Nigeria’s condition on “a direct result of decades of poor leadership and wasteful governance.”
He bemoaned: “Yet, he urged Nigerians to keep hope alive, insisting that with the right leadership, the country can still rise from the ashes of failed governance to reclaim its rightful place among the comity of nations.”
PRESS RELEASE
Nigeria @65: @atiku Hails Nigerians’ Courage, Blasts APC Over Economic Strangulation
Former Vice President of Nigeria and Waziri Adamawa, Atiku Abubakar, has paid tribute to the uncommon patience, endurance, and resilience of Nigerians who, despite living under… pic.twitter.com/cPnI9KzxrJ
— Paul Ibe (@omonlakiki) September 30, 2025