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Elumelu’s HH Capital acquires additional 70 million units of shares in UBA 



HH Capital Limited, a Company founded by the Board Chairman of United Bank of Africa (UBA) Plc, Mr. Tony Elumelu has acquired additional 70 million shares worth N560 million in the company.

This was contained in a notice of share dealing by an insider to the Nigerian Exchange Limited (NGX).

The acquisition of 70 million shares represents 0.2 per cent of the company’s total outstanding shares of the company.

With the acquisition, HH Capital has increased its number of shares from 140,843,816 units of shares as of December 31, 2022, to N210,843,816 units.

Elumelu’s indirect holdings now stand at 2,255,934,184 units of shares from 2,185,934,184 as of December 31, 2022, while his direct holdings remained at 194,669,555 units of shares.

UBA closed its last trading day (Monday, May 15, 2023) at N8.40 per share on the Nigerian Stock Exchange (NGX), recording a 1.8 per cent gain over its previous closing price of N8.25.

The notice signed by Bili A. Odum, Group Company Secretary/Legal Counsel indicated that HH Capital Limited on May 9th, 2023 purchased 70,000,000 units of UBA Plc at N8.00 per share valued at N560million.

According to details of the transactions made available by NGX Limited, Elumelu owns the investment as an indirect shareholding through HH Capital Limited.

Elumelu who remained the Pan African bank’s single largest shareholder, now accounts for about 7.16 per cent of its total shareholding structure.

UBA closed its last trading day (Monday, May 15, 2023) at N8.40 per share on the Nigerian Stock Exchange (NGX), recording a 1.8 per cent gain over its previous closing price of N8.25. United Bank for Africa began the year with a share price of N7.60 and has since gained 10.5 per cent on the price valuations.

United Bank for Africa says that it recorded N201 billion Profit Before Tax in its 2022 financial period.

The bank disclosed this in a statement on its audited financial results for the full year ended December 31, 2022.

It said that, “Despite the highly challenging global economic and business environment, UBA recorded a laudable Profit Before Tax, with a 31.2 per cent growth, to close the year under review at N200.8 billion, rising from N153.01 billion recorded at the end of the 2021 financial year; while profit after tax grew by 43.5 per cent to N170.2 billion in 2022, compared to N118.7 billion recorded the year before.

“Consequently, UBA Group shareholders’ funds rose to N922.1 billion, as of December 2022, achieving an impressive growth by 14.6 per cent, compared to the prior year.”

The gross earnings rose significantly to N853.2 billion from N660.2 billion recorded at the end of the 2021 financial year, representing a strong 29.2 per cent growth.

The bank’s total assets rose by 27.2 per cent, crossing the N10 trillion marks, to close at N10.9 trillion in December 2022; up from N8.5 trillion in 2021.

capital market

FBNH, Access Corporation lead gainers on NGX



First Bank of Nigeria Holdings and Access Corporation led gainers on the Nigerian equities market on Monday.

This is as investors also lost N132.43billion on the Nigerian equities market yesterday.

The NGX All-Share Index advanced by 0.17 percent, closing at 71,353.81 basis points, compared to the previous day’s gain of 0.25 percent, which closed at 71,230.48 basis points.

YTD, the NGXASI stands at 39.22 percent. 

The total volume traded advanced by 28.12 percent to close at N746.67 million, valued at N5.95 billion and traded in 9,267 deals. UNIVINSURE was the most traded stock by volume with N161.10 million, while ACCESSCORP was the most traded stock by value with N1.47 billion units traded.

The Gate Index closed flat at 188.47, while the Toni index advanced by 1.39 percent to close at 371.15 basis points.

At the close of trading, the market recorded 32 gainers, 20 losers, and 69 unchanged. FBNH topped the gainers list, while ETRANZACT topped the list of losers.

Thus, market breadth closed positively as the Market Breadth Index (MBI) is 0.17x.

UNIVINSURE had the highest volume contribution with 21.58 percent, while ACCESSCORP and UNITYBNK followed closely behind.

According to the value chart, ACCESSCORP is at the top with a 24.68 percent contribution. UBA and ZENITHBANK followed closely behind.

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capital market

FG raises oil price, exchange rate projections



The Federal Government of Nigeria has pegged its 2024 projections for crude oil and the dollar to naira exchange rate at $77.96 and N750 respectively.

This new projection is a deviation from the earlier projection announced by Atiku Bagudu, Minister of budget and planning in October.

Bagudu had earlier stated that the FEC established a reference price of $73.96 per barrel for crude oil and an exchange rate of N700/$ as key assumptions for budgetary planning.

“Now, it was presented on the background of the commendable measures that have been taken since June in order to restore macroeconomic stability by particularly the deregulation of petroleum prices, which we maintained that subsidies are gone and indeed the regulation of the foreign exchange market,” he said.

Nigerian NewsDirect however gathered that the projected crude oil price benchmark by the Federal Government is below the $94.91 projection of the US Energy Information Administration (EIA) and the $100 a barrel forecast by Goldman Sachs for next year.

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Mr Adeniyi, Vitafoam’s Group CEO, bags award for excellence



Mr Taiwo Adeniyi, Group Managing Director and Chief Executive Officer of Vitafoam Nigeria PLC, has been crowned the CEO of the year-Manufacturing, by Africa Safety Award for Excellence (AfriSAFE) in Lagos recently.

The  prestigious Award, described by market watchers as the Grammy Award for manufacturers, celebrates  outstanding individuals and organisations who have demonstrated total commitment to Quality, Safety,  Community Social Responsibility (CSR) Projects and strong Sustainability Initiatives.

The Award, the 5th in the series, recorded 18716 entries, of which only 105 were shortlisted across five African Countries. Adeniyi towered above his peers in all the adjudged metrics.

Besides, Adeniyi had earlier clinched the Africa’s Manufacturing (Mattress/Foam) Brand CEO of the Year at the Africa Brand CEO Awards  2023, while Vitafoam, a frontline manufacturer of rigid foams and other household materials, under Adeniyi, had also won the Iconic Mattress Brand  of the Year at the Brandcom Awards 2023.

In a Statement co-signed by the Publisher, Brand Communicator and Convener, Brandcom Awards and Project Co-ordinator, Brandcom Awards, Mr Joshua Ajayi and Jeremiah Agada respectively, the virtues of Vitafoam that placed the Company ahead of the curve are explained: “ Amongst all other nominated manufacturing companies, our distinguished panel of assessors made up of experts and seasoned marketing and communications professionals came to the conclusion that VITAFOAM stood head above shoulders among others in this category to emerge winner, considering that it has consistently delivered high-quality mattresses, captured the trust of consumers, and played a pivotal role in shaping the mattress market. It showcases the brand’s enduring legacy, commitment to sleep comfort and innovation, and its ability to meet or exceed industry standards.”

Market watchers were quick to say that Vitafoam under the leadership of Adeniyi had consistently sustained a high level of profitability and generous dividend policy.

Appraising Vitafoam’s trajectory of topnotch performance at 60 last year, Adeniyi provided a clue that defines the company’s competitive edge, “We offer a vast array of high and superior quality products that present the customers with multiple unique choices. We do not benchmark ourselves with what is available in the market. 

“We benchmark ourselves with global standards and what global standards say is that your product must be fit for a purpose. Customer-centricity is at the centre of our operations.

“The sustained growth and good performance from the company is predicated on customer centric operations, focused on quality from the view point of our customers. In Vitafoam, our investment in state-of-the-art Technology and People have been the driving force.”

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