UACN free float shifts as chairman’s Dalio Property executes N8.4bn sell-down

In a major block trade on the Nigerian Exchange Limited (NGX), Dalio Property Development Company Limited has offloaded 45.2million units of UAC of Nigeria (UACN) Plc shares in a deal valued at N8.41 billion.

The transaction on June 16, executed at a unit price of N185, effectively reduces Dalio Property’s exposure by approximately 1.54 percent of UACN’s total outstanding shares of 2.9 billion units. This substantial divestment represents a significant portfolio adjustment by the real estate firm, which is linked to UACN chairman Khalifa Biobaku.

This block divestment marks one of the largest single-day equity liquidations by a corporate insider in the market this quarter. The trade also marks a sizeable portfolio monetisation by the real estate firm, which holds a core seat on the conglomerate’s board.

Folasope Aiyesimoju, Group Managing Director, UACN and Khalifa Biobaku, Board Chairman, UACN are directors in Themis Capital and AM&P with a combined holding of 657 million units. Before this recent divestment, Dalio Property Development Company Limited held 45.2 million units of UACN shares as March 27, 2026.

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Khalifa Biobaku (formally Khalifa Adebayo Biobaku) assumed the role on February 5, 2025, succeeding Dan Agbor, who had led the board for nine years prior. Before taking over as Chairman, Biobaku served as the company’s Vice Chairman starting in June 2023.

Dalio Property Development Company Limited was founded by Khalifa Biobaku, a prominent seasoned finance, private equity, and investment banking professional with over two decades of international experience (including stints at Goldman Sachs, Morgan Stanley, and Blakeney Management).

While it operates under a real estate and property development mandate, Dalio Property Development Company Limited is most prominent in the Nigerian financial and capital markets as a significant, strategic investment vehicle.

In the year ended December 31, 2025, UACN reported profit decline by 39 percent to N9.908billion from N16.310billion in 2024, while the company’s revenue increased to N340.473billion from N196.900billion in 2024. The market viewed the profit drop as a temporary hurdle for long-term scale—a sentiment validated by UACN’s subsequent Q1 2026 earnings, which showed net income surging by over 300 percent as the CHI integration began paying off.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.