UBA Chairman Tony Elumelu Expands Ownership with N43.9bn Worth of Shares
Chairman of United for 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.
