Key Highlights

• A block trade of 429,664,606 CWG Plc shares valued at approximately N8.98 billion occurred on May 12, 2026.
• The trade was executed at N22.00 per share, slightly above the prevailing market price of N21.50.
• This transaction represents roughly 17% of CWG Plc's total issued share capital of 2.52 billion shares.
• The deal was a negotiated cross deal, brokered by Cordros Securities Ltd, acting on both buy and sell sides.
• Market sources indicate the trade was an intra-investor portfolio transfer, not involving new strategic investment.

CWG Plc recorded a substantial off-market block trade of 429,664,606 units on Tuesday, May 12, 2026. The transaction, valued at approximately N8.98 billion, was executed in a single deal brokered by Cordros Securities Ltd, which managed both sides of the transaction in a structure known as a negotiated cross deal.

The executed price was N22.00 per share, a slight increase from the prevailing market price of N21.50. This block trade accounts for roughly 17% of CWG Plc's total issued share capital, which stands at 2.52 billion shares. The deal is noted as one of the largest single-ticket off-market trades in the Nigerian Exchange (NGX) technology sector in recent times.

The sheer scale of the transaction initially sparked speculation about a potential new strategic investor acquiring a significant stake in the pan-African ICT company. However, sources familiar with the transaction have clarified the nature of the deal.

A senior dealing member of the NGX, speaking anonymously, stated that there was no new money, no new investor, and no strategic acquisition involved. The insider explained that it was a mere book over, where an existing investor was realigning their portfolio between different accounts or investment vehicles they control.

“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 stockbroker added.

The dealer further elaborated that such trades, when executed at or near the market price, have no impact on the company's share price. This is because the transaction does not give the impression of a significant shift in demand or supply dynamics to the Exchange or other market participants.

In the Nigerian capital market, a “book over” or intra-investor portfolio transfer involves moving securities between investment vehicles or accounts under the same beneficial ownership. These trades are conducted as off-market cross deals and must be reported to the NGX, but they do not signify a change in ultimate beneficial ownership.

Consequently, no new investor has entered CWG's register, nor has any existing investor exited. The trade was processed at the market price to maintain transparency and avoid any perception of price manipulation, despite it not being an arms-length transaction between distinct economic parties.

The stock price of CWG Plc closed negative on Tuesday, May 12, 2026, at N21.00 per share on the Nigerian Exchange (NGX), marking a 4.1% drop from its previous closing price of N21.90. The company's shares began the year at N18.00 and had gained 16.7% year-to-date prior to this trade, ranking 76th on the NGX for performance.