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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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Accord Party Rejects Gov Adeleke, Adopts APC Candidate For Osun Elections

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‎The factional National Chairman of the Accord Party, Prof. Chris Imumolen, has reaffirmed the party’s support for President Bola Tinubu’s administration and endorsed his re-election bid, while insisting that the decision does not amount to a merger with the All Progressives Congress (APC).

‎‎Imumolen also announced that Accord had resolved to support the APC governorship candidate in Osun State, Asiwaju Munirudeen Bola Oyebamiji, ahead of the forthcoming governorship election.

‎‎The Accord chairman said the party’s support for Tinubu was based on its assessment of the administration’s economic reforms and efforts towards national development.

‎‎“Our support for President Bola Ahmed Tinubu is based on our conviction that Nigeria’s progress requires continuity in policies that strengthen our economy, deepen reforms, and promote national stability.

‎‎“We have therefore endorsed his re-election because we believe it is in the best interest of our country,” Imumolen said.

The party chairman, however, cautioned against interpreting the endorsement as evidence that Accord had surrendered its political identity or merged with another party.

‎‎“Let me state this clearly: the party’s endorsement of President Tinubu does not amount to the dissolution of the Accord Party or its merger with any political platform.

‎‎“Accord remains an independent political party with its own constitution, leadership, ideology, and vision for Nigeria,” he said.

‎‎Imumolen maintained that the party would continue to take independent positions on political and governance issues despite its support for Tinubu. ‎On the Osun State governorship election, the party said it had taken a strategic decision to adopt Oyebamiji, the APC candidate. ‎Imumolen said the decision followed consultations and an assessment of the political situation in the state.

‎‎“After careful consultations and a thorough assessment of the political realities in Osun State, the Accord Party has resolved to adopt and support the APC governorship candidate, Asiwaju Munirudeen Bola Oyebamiji.

‎‎“This strategic decision is driven solely by our commitment to ensuring competent leadership and sustainable development for the people of Osun State,” he stated.

‎‎Accord urged members of the public, the media and political stakeholders to distinguish between its endorsement of Tinubu at the national level and its alliance with the APC candidate in Osun State. The party said suggestions that it had ceased to operate independently were inaccurate and misleading.

‎‎It added that it remained committed to democratic principles, national unity and issue-based politics, stressing that its political decisions would continue to be guided by what it considered the best interests of Nigerians.

‎‎Naija News reports that the Accord Party faction loyal to Governor Ademola Adeleke had earlier endorsed President Tinubu for the 2027 presidential election.

‎The party chairman, however, cautioned against interpreting the endorsement as evidence that Accord had surrendered its political identity or merged with another party.

‎‎“Let me state this clearly: the party’s endorsement of President Tinubu does not amount to the dissolution of the Accord Party or its merger with any political platform.

‎‎“Accord remains an independent political party with its own constitution, leadership, ideology, and vision for Nigeria,” he said.

‎‎Imumolen maintained that the party would continue to take independent positions on political and governance issues despite its support for Tinubu. ‎On the Osun State governorship election, the party said it had taken a strategic decision to adopt Oyebamiji, the APC candidate.

‎‎Imumolen said the decision followed consultations and an assessment of the political situation in the state.

‎After careful consultations and a thorough assessment of the political realities in Osun State, the Accord Party has resolved to adopt and support the APC governorship candidate, Asiwaju Munirudeen Bola Oyebamiji.

‎“This strategic decision is driven solely by our commitment to ensuring competent leadership and sustainable development for the people of Osun State,” he stated.

‎Accord urged members of the public, the media and political stakeholders to distinguish between its endorsement of Tinubu at the national level and its alliance with the APC candidate in Osun State.

‎‎The party said suggestions that it had ceased to operate independently were inaccurate and misleading.

‎‎It added that it remained committed to democratic principles, national unity and issue-based politics, stressing that its political decisions would continue to be guided by what it considered the best interests of Nigerians.

Daily voice  reports that the Accord Party faction loyal to Governor Ademola Adeleke had earlier endorsed President Tinubu for the 2027 presidential election.

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Accord Party, Adeleke Adopt Tinubu As 2027 Presidential Candidate

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President Bola Tinubu has been adopted as the preferred presidential candidate for the 2027 election by Osun State Governor Ademola Adeleke and the national leadership of the Accord Party. The decision was reached during a meeting held on Saturday night in Osogbo, the Osun State capital.

The gathering brought together top officials of the party from across the country, including members of the National Working Committee and state chairmen.

According to a statement issued on Sunday by Adeleke’s re-election campaign spokesman, Pelumi Olajengbesi, discussions at the meeting focused on the future of the party, national development issues and preparations ahead of the forthcoming Osun governorship election.

Party leaders said their support for Tinubu was influenced by the need for continuity in ongoing infrastructure projects being executed by the Federal Government.

They stressed that major road projects across the country should be completed without interruption.

Among the projects highlighted were the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Super Highway.

The party leadership maintained that continuity would help ensure the successful delivery of the projects and their expected economic benefits.

The meeting also reviewed the political atmosphere ahead of the August governorship election in Osun State. Leaders of the party called for a peaceful electoral process and urged all stakeholders to avoid actions capable of undermining the credibility of the poll.

They warned against violence, intimidation of political opponents, electoral malpractice and the alleged use of security agencies to harass members of the party during the election period.

The party further appealed to the Independent National Electoral Commission, security agencies and other relevant institutions to ensure a level playing field for all contestants.

Several national officers attended the meeting. They included the National Chairman of the Accord Party, Maxwell Mgbudem; Deputy National Chairman, Maryam Sale; National Secretary, Ajaja Abiola Adebukola; National Treasurer, Abdulazeez Oyeniyi Salaudeen; National Organising Secretary, Ibe Thankgod; and National Publicity Secretary, Omorogbe Joseph.Political communication services

Also present were state chairmen and other senior party officials drawn from different parts of the country.

The endorsement marks another significant political development in the growing relationship between Adeleke and the Accord Party following the governor’s alignment with the platform ahead of the Osun governorship election.

Party leaders at the meeting expressed confidence in Adeleke’s chances in the forthcoming poll and pledged to mobilise support structures across the state to secure victory.

They also reaffirmed their commitment to strengthening the party nationwide while positioning it for future political contests. Moreover, Governor Ademola Adeleke publicly reaffirmed his support for President Bola Tinubu’s second-term ambition on several occasions. He described the move as being in the interest of Osun State and the South-West region. Leadership development programs

Speaking on May this year, during an inspection of the ongoing reconstruction work on the Ibadan-Ile Ife-Ilesa Expressway, Adeleke said his support for the President went beyond partisan politics.

The governor described Tinubu as “our own son, father and leader,” insisting that he needed no persuasion to back the President’s re-election bid.

“I am the governor of the ancestral birthplace of Mr President. How can I have my own in the saddle and think twice before embracing him? I need no persuasion to act as I have declared repeatedly our endorsement of Mr President,” Adeleke said.

He added that the endorsement was a “moral and development-driven action” aimed at advancing the interests of Osun State and the Yoruba people.

The governor maintained that supporting Tinubu would help sustain ongoing federal projects and strengthen cooperation between Osun State and the Federal Government.

The position was again repeated on June, when Adeleke formally flagged off his re-election campaign in Osogbo.

Addressing supporters at the event, he declared: “As we seek your votes on August 15, we also restate our endorsement of our son, father and leader, President Bola Ahmed Tinubu, for re-election in 2027. Our support for Mr President is unshaken and total.”

 

 

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BREAKING: Tinubu Gives New Top Appointment 

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Nigeria, Benin Sign Integration Pact

President Bola Ahmed Tinubu has appointed Wasiu Olanrewaju-Smart as Special Adviser to the President on National Assembly Matters, House of Representatives.

Naija News reports that the appointment takes immediate effect, according to a statement issued on Sunday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

Olanrewaju-Smart succeeds Ibrahim Olanrewaju, who resigned from the position to contest an elective office in his home state.

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“This appointment is with immediate effect,” Onanuga said in the statement titled, “President Tinubu Appoints Wasiu Olanrewaju-Smart as Special Adviser on National Assembly Matters – House of Representatives.”

The Presidency said the 40-year-old appointee brings extensive experience in legislative affairs and public policy to the position.

According to the statement, Olanrewaju-Smart holds a doctorate in Educational Management from Lead City University and a Master’s degree in Public Administration from Harvard University.

He was an Edward Mason Fellow in Public Policy at the Harvard Kennedy School and also holds a professional diploma in Public Relations from the London School of Public Relations.

The Presidency added that he was a LEAPS Fellow at the Massachusetts Institute of Technology and a Policy Fellow at Quantum Alliance AI in the United States, where his work focused on artificial intelligence and civic technology.

Olanrewaju-Smart has held several positions within the National Assembly over the years.

The statement read, “His National Assembly career spans Research and Media Assistant to the Minority/Majority Leader, House of Representatives (7th–8th Assemblies), to Special Adviser, Deputy Chief of Staff, and ultimately the Chief of Staff to the Speaker of the House of Representatives in the 9th and 10th Assemblies.”

The Presidency said his career trajectory provided him with experience in legislative research, administration and relations between lawmakers and the executive.

Olanrewaju-Smart joined the Presidency in October 2023 as Senior Special Assistant to the President on Intergovernmental Affairs.

He remained in the position until his latest appointment.

“Olanrewaju-Smart later joined the Presidency in October 2023 as Senior Special Assistant to the President on Intergovernmental Affairs, a position he held until this new appointment,” the statement said.

The Presidency added that his public policy research portfolio included contributions to several pieces of legislation.

“His public policy research portfolio includes work on several landmark legislations, such as the Interest-Free Student Loan Act, among others,” it added.

The Presidency said Tinubu was confident that Olanrewaju-Smart’s experience and knowledge would help deepen relations between the executive and the House of Representatives.

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