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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: KWAM 1 Writes Ogun Govt, Accuses Fusengbuwa Ruling House of Plot to Exclude Him From Awujale Selection
Popular Fuji musician and Olori Omooba of Ijebu land, Alhaji Wasiu Ayinde Marshal, widely known as KWAM1, has written to Ogun State Governor, Dapo Abiodun, alleging that he is being deliberately sidelined from the ongoing process to select the next Awujale of Ijebu land.
Ayinde, in a petition dated January 8, 2026, accused the Fusengbuwa ruling house next in line to produce the monarch of taking actions that allegedly violate the Chieftaincy Declaration and the Obas and Chiefs Law of Ogun State. He claimed the moves were designed to disenfranchise him from contesting for the revered throne.
The letter, written on his behalf by his lawyer, Dr. Wahab Shittu, SAN, was addressed to Governor Abiodun and outlined what the Fuji star described as procedural irregularities in the selection process.
According to the petition, the contest for the Awujale stool has attracted over 60 aspirants, with Ayinde formally declaring his interest. However, the Fusengbuwa family has maintained that KWAM1 is not a member of the ruling house and is therefore ineligible to participate in the exercise.
Before writing to the governor, Ayinde had approached the Ogun State High Court sitting in Ijebu Ode, seeking an interim injunction to restrain Governor Abiodun and six others from continuing with the selection process. The court, however, dismissed the application, ruling that it lacked merit. The musician later withdrew the suit without publicly stating his reasons.
In his latest letter, Ayinde disclosed that the Ijebu Ode Local Government, via a letter dated January 6, 2026, signed by its Secretary, Oke Adebanjo, had approved the commencement of the selection process by the ruling house.
He expressed surprise that while members of the Fusengbuwa family were preparing for a general meeting, the family’s Public Relations Officer, Prince Adeleye Lateef Ademuyiwa, allegedly issued a notice directing aspirants to collect nomination forms and appear before a screening committee.
The screening committee, according to Ayinde, is chaired by Prince Alhaji Mitiu Adenuga. He further alleged that the directive fixed the nomination exercise for Monday, January 12, 2026, while also stating that the process would be conducted by delegates to be selected at a meeting scheduled for January 10, 2026.
Ayinde argued that the sequence of events was confusing, contradictory, and contrary to established laws guiding traditional chieftaincy matters in Ogun State.
As of the time of filing this report, neither the Ogun State Government nor the Fusengbuwa ruling house had officially responded to the allegations.
Lagos Reporters will continue to monitor developments surrounding the Awujale succession process and provide updates as the story unfolds.
News
“Do Not Test Trump’s Resolve”: US Issues Fresh Threat To Nigeria
A United States Congressman, Rep. Riley M. Moore, has warned Nigeria not to take the resolve of President Donald Trump with levity, adding that the US president remained steadfast in his bid to protect Christians in Nigeria, while reiterating the false allegation that Christians have continued to face prosecution in the West African country.
Moore’s warning came days after the US president issued another military action in Nigeria, adding that he would not be carrying out a single operation in Nigeria if the alleged Christian persecution continues in the country.
The threat came days after the United States launched a military strike in Sokoto, targeting some terrorist hideouts in the country. The strike affected other states such as Niger and Kwara.
However, Trump, in an interview with The New York Times, published on Thursday, January 8, while responding to questions about a US military strike carried out in Nigeria on Christmas Day, said: “I’d love to make it a one-time strike. But if they continue to kill Christians, it will be a many-time strike,” Trump said.
Moore took to social media to reiterate Trump’s second threat to the country and warned Nigeria against overlooking the threat. His warning did not sit well with many Nigerians, who took to the comment section of the post and expressed their views about his claim. Below are some of their comments:
Omolayo accused the US of bombing a Christian country, Venezuela, and stealing its oil: “What about Venezuela, which is 80% Christian? Trump doesn’t care about Christians, but I grudgingly welcome his presence in the northern part of Nigeria.”
Umar Yusuf Dayyabu knocked the US: “The same US that just finished bombing a Christian country (Venezuela) and is currently stealing their oil is now claiming to want to save Christians in Nigeria. The US only wants our natural resources, that’s it.”
Amadu Yahuza accused the Trump administration of imperialism: “Let’s be clear: if the U.S. is claiming to defend Christians in Nigeria but simultaneously tightens visa access for Nigerians broadly, including Christians, that is not solidarity, it’s hypocrisy. Trump’s statements about Nigerian Christians are political branding, while visa restrictions, federal actions, and international messaging are geopolitical moves.”
Garvy accused the lawmaker of turning a blind eye to the killing of Christians in the US: “I guess you were blind to Christians murdered right in front of your nose in Salt Lake City, and you were blind to that. Suppose their lives don’t matter, right?”
You can read more reactions on X here:
President Trump is serious about his steadfast support to protecting our brothers and sisters in Christ who continue to face persecution in Nigeria.
Do not test @POTUS' resolve. https://t.co/vd8t0LXdKc
— Rep. Riley M. Moore (@RepRileyMoore) January 9, 2026
News
Buhari’s Ex-Minister Pantami Breaks Silence Over Alleged Wedding Plan With Aisha Buhari
False claims linking former Minister of Communications and Digital Economy, Professor Isa Ali Pantami, with former First Lady, Hajiya Aisha Buhari, have been dismissed after an independent verification found the story to be entirely fabricated.
The rumour, which spread rapidly across Facebook and X, alleged that the two were planning a marriage and circulated alongside an image described online as a pre wedding photograph.
The post gained wide traction after several users pointed to Aisha Buhari’s completion of her Islamic mourning period following the death of former President Muhammadu Buhari in July 2025.
Public figures also reshared the image, drawing thousands of comments and reactions and fuelling speculation among social media users.
A fact check carried out by PRNigeria found no credible evidence supporting the claim. Reviews of the verified social media accounts of both Pantami and Aisha Buhari showed no statements or references linked to any marriage plan. Searches across reputable news platforms also returned no matching reports.
Further forensic analysis subjected the viral photograph to InVid verification and artificial intelligence detection tools. The assessment confirmed that the image was digitally manipulated and generated through artificial means, with faces inserted into a wedding-themed template.
Pantami addressed the allegation directly in a phone conversation with PRNigeria.
“It is shocking that anyone would fabricate such a rumour. President Buhari is a father figure to us, and we regard his widow as a mother. The claim is baseless and impossible,” he said.
Bashir Ahmad, a former media aide to the late president, also rejected the story on his Facebook page in Hausa.
“The story being circulated that Hajiya Aisha Buhari has agreed to marry Sheikh Isa Ali Pantami is an outright lie. There is absolutely no truth in it whatsoever,” Ahmad wrote.
Additional context emerged from a recently released biography titled From Soldier to Statesman: The Legacy of Muhammadu Buhari, authored by Dr. Charles Omole and launched at the State House in December 2025. The book records Aisha Buhari as stating clearly that she has no intention of remarrying, citing family responsibilities and a desire for a quieter public life.
The former president died in London on July 13, 2025, at the age of 82. He married Aisha Buhari in 1989 and is survived by his wife, children and grandchildren. Speculation around her personal life increased online after she completed the traditional mourning period in November 2025.
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