CWG Plc Block Trade Valued at N8.98 Billion Sparks Speculation, But Source Says It’s Just a Portfolio Rebalancing
By Aboki Forex —
A massive off-market trade of 429,664,606 CWG Plc shares was executed on Tuesday, May 12, 2026. The single deal, brokered by Cordros Securities Ltd, was a negotiated cross deal where the firm acted for both buyer and seller.
The block trade was valued at approximately N8.98 billion. Shares changed hands at N22.00 each, slightly above the prevailing market price of N21.50. The transaction represents about 17% of CWG’s total issued shares of 2.52 billion. It is one of the largest single-ticket off-market trades in the Nigerian Exchange technology sector in recent memory.
The sheer size of the trade triggered speculation about a new strategic investor taking a major position in the pan-African ICT company. But a senior dealing member of the NGX, who spoke exclusively to Nairametrics, dismissed that notion.
“No strategic investment. It’s a mere book over. It’s just an existing investor realigning the portfolio between accounts,” the source said. “So no new money, no new investor, nothing. No new buyer, no new seller. Just the same client. It’s like you’re moving stock from one of your accounts to another account, another vehicle that you created. Simple.”
The insider, who spoke on condition of anonymity, said the trade did not affect CWG’s share price because of how it was structured. “That kind of trade does not impact market price. Because you’re just moving from one account to the next account. And you’re doing it at a market price, so that you don’t give the Exchange or anybody the impression that someone is buying something at a higher price.”
He confirmed the transaction was executed at or very close to the prevailing best market price. It was done as a single block, not through the open order book.
In Nigerian capital market practice, a “book over” or intra-investor portfolio transfer involves moving securities from one investment vehicle or account to another under the same beneficial ownership. Such trades are executed as off-market cross deals and must be reported to the NGX. But they do not reflect a change in ultimate beneficial ownership. This means no new investor has entered the CWG register, and no existing investor has exited. The trade is processed at market price to ensure transparency and avoid any inference of price manipulation.
Despite the trade’s neutrality, CWG’s stock price closed negative on Tuesday at N21.00 per share. That is a 4.1% drop from its previous close of N21.90. The stock began the year at N18.00 and has gained 16.7% year-to-date, ranking 76th on the NGX in performance.
What you should know
CWG Plc delivered a strong FY 2025 performance. Revenue rose 41.7% to N65.66 billion, and net profit surged 84.2% to N5.61 billion. Earnings per share settled at N2.22. The company declared a final dividend of 70 kobo per share, up 79% year-on-year, paid to shareholders on April 17, 2026.
CWG is currently the 71st most valuable stock on the NGX with a market capitalization of N53 billion, about 0.033% of the equity market. The 429.7 million shares in Tuesday’s block transfer represent approximately 17% of total outstanding shares. CWG’s free float stood at 30.65% as of December 2025, up from 21.71% a year earlier, meeting NGX Main Board free float requirements.
Although no new economic ownership has changed hands, a substantial shareholder disclosure obligation is expected to be triggered by this transaction.