The Market Pulse

Nnorom succeeds Elumelu as Group Chairman of UBA

Emmanuel Nnorom has been elected to succeed Tony Elumelu as the Group Chairman of United Bank for Africa. Elumelu will retire from the board on August 21, 2026, after completing his twelve-year tenure limit in line with Central Bank of Nigeria regulations.

A sharp bearish wave on the Nigerian Exchange Limited (NGX) has wiped approximately N4.23 trillion off the equity portfolio of Africa’s richest man, Aliko Dangote, in just 24 trading days to July 3...

https://t.co/fGS7iQmzMA https://t.co/jlQ0BHJXIa

DIVIDENDS payment date for JULY 2026:

1. Dangote Cement N45.00 July 2nd
2. CHAMS holdings N0.03 July 10th
3. BUA Foods N28.00 July 15th
4. Cornerstone Insurance N0.28 July 20th
5. E-tranzact N12.5 July 23rd
6. ARADEL N23.00 July 30th
7. FIDSON N1.50 July 31st https://t.co/CfxlIqAvh7

Unilever Nigeria Appoints Femi-Okunbanjo as Director

The Board of Directors of Unilever Nigeria Plc has announced the appointment of Modupe Femi-Okunbanjo as a director of the company. The appointment is scheduled to take effect on June 30, 2026, following the receipt of necessary board approvals.

Top 5 Gainers
1-FIRSTHOLDCO (First HoldCo Plc) — +10.00% to ₦60.50
2-WEMABANK (Wema Bank Plc) — +10.00% to ₦29.70

3-ARADEL (Aradel Holdings Plc) — +9.99% to ₦1,403.30

4-NGXGROUP (Nigerian Exchange Group Plc) — +9.96% to ₦129.75

5-VERITASKAP (Veritas Kapital https://t.co/tapkHLRagT

Elumelu Completes12 Years Maximum Tenure, Retires As UBA Chairman

United Bank for Africa Plc has announced that its Group Chairman, Tony Elumelu, will retire from the board effective August 21, 2026. The retirement follows the completion of his twelve-year maximum tenure for non-executive directors as mandated by the Central Bank of Nigeria.

Two stocks hit the daily limit up today. A third came within a hair of it.

FIRSTHOLDCO and WEMABANK both surged the maximum 10.00% allowed in a single session, while ARADEL closed just short at +9.99%. NGXGROUP (+9.96%) and TIP (+9.86%) weren't far behind either.

NGX Group Plc

H1 2026 NGX report:

All-Share Index returned +46.8% YTD through June 30, adding ₦46.6tn in market value to ₦146.56tn, despite an ~11-point correction in June.

NGX Dividend Tracker

#Dividend
7 NGX-listed companies confirmed paying dividends in July 2026:
BUA Foods
Fidson Healthcare
Aradel Holdings
E-Tranzact
Cornerstone Insurance
Chams Holding and McNichols

📊 NGX Daily Movers (July 6, 2026) 🇳🇬
🟢 Top Gainers: Led by #FIRSTHOLDCO & #INTBREW up +10.00%.
🔴 Top Losers: #VITAFOAM & #NAHCO shed -10.00%.
Note: Heavyweights like #DANGCEM jumped a massive +8.08% but just missed the percentage Top 10! 👇
#NGX #Stocks https://t.co/rWRdazNWZJ

Elumelu To Step Down As UBA Chairman, Nnorom Named Successor

Tony Elumelu is stepping down as the Chairman of United Bank for Africa, with Nnorom named as his successor. The bank credited Elumelu with leading its expansion from a domestic institution into a global African financial group.

The NGX All Share Index is up 2.15 percent today. Here is the Monday, July 6 snapshot.

Equity market cap: N150.27 trillion, up 2.15 percent

All Share Index: 234,178.23, up 2.15 percent

Top 5 gainers today
Wema Bank: N29.70, +10.00%
FirstHoldCo: N60.50, +10.00%
Aradel Holdings:

Senate Approves N11.074tn Customs Revenue Target for 2026

The Nigerian Senate approved an N11.074 trillion revenue target and N1.235 trillion expenditure proposal for the Nigeria Customs Service for 2026. This decision follows reports that the agency exceeded its 2025 revenue targets by N674 billion despite citing global crises as a constraint.

Equities Extend Bull Run, Investors Gained N3.17trn as NGX YTD Return Reclaims 50%; BDC Rate Closed Flat at N1,400/US$1

The Nigerian equities market sustained its bullish momentum on Monday, July 6, 2026, as investors responded positively to prevailing analyst recommendations

🇳🇬 NGX: The exchange faces intense structural rotation. While banking (-3.72% weekly) and consumer trackers battle sell pressure, the Naira holds stable at ₦1,370/$ at the official window, backed by high interest rates drawing sustained portfolio inflows.
#PortfolioManagement

Tony Elumelu Bows Out As UBA Chairman After 12-Year Transformational Leadership

Tony Elumelu has announced his plan to step down as the Chairman of the Group Board of United Bank for Africa on August 21, 2026, concluding his twelve-year tenure at the helm of the financial institution.

@king_like_steve @israelmusa_ @Nickokoduwa @ruffydfire Bro, all share holders are published on the CSCS website. Gimme your real names and I'll tell you where you have shares

Things to know about Elumelu’s UBA successor, Emmanuel Nnorom

Emmanuel Nnorom is set to succeed Tony Elumelu as the Group Chairman of United Bank for Africa on August 21, 2026. The transition highlights the profile of the seasoned financial executive ahead of taking over leadership at the pan-African banking group.

@Temmysgold @TonyOElumelu No, Tony Elumelu is not the owner of UBA.

United Bank for Africa is a publicly listed company on the Nigerian Exchange with thousands of shareholders. He is its largest shareholder and has served as Non-Executive Chairman for the past 12 years.

He’s stepping down on August 21

The market started the week on a strong note.

The NGX All-Share Index grew by 2.15% to close at 234,178.23, lifting Equity Market Capitalisation to ₦150.27 trillion. Fixed Income market sustained it's position while ETP market cap dipped by 0.53%.
#NGXTradingStatistics https://t.co/3hY2X8VCXC