Prime Business AfricaOne of the major shareholders of UAC Nigeria Plc, Khalifa Biobaku, has reduced his indirect stake in the company from 5.90 percent to 1.54 percent.
According to an insider dealings report, Biobaku sold 127.49 million shares through his investment company, Dalio Property Development Limited, on Monday, June 30, to take out N4.62 billion from his investment in UAC Nigeria.
Join our WhatsApp ChannelBefore the sell-off by Biobaku, who also serves as a non-executive chairman for UAC Nigeria, he held 172.69 million indirect shares or 5.90 percent, worth N7.06 billion as of June 30, according to Prime Business Africa’s analysis.
He was appointed as chairman on February 5 to replace Daniel Owor Agbor, who resigned on February 7, and holds 35 million indirect shares, worth N1.43 billion.
Analysis showed that Biobaku’s investment in UAC Nigeria has dropped to 45,19 million indirect shares or 1.54 percent, valued at N1.84 billion as of July 2.
Biobaku, alongside Folasope Aiyesimoju, UAC Nigeria’s Group Managing Director (GMD), also represents the interest of Themis Capital and AM&P – both of which hold a combined 657 million units, worth N26.87 billion – on the board of UAC Nigeria.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
