Nigerian executive Khalifa Biobaku exits UAC of Nigeria with $6.2 million share sale

Nigerian business executive Khalifa Biobaku has fully exited his investment in UAC of Nigeria Plc, extending a disposal process that began in 2024 and continued into 2025. The sale of his remaining stake in the Lagos-based consumer and industrial group generated N8.41 billion ($6.2 million), bringing an end to his ownership interest in the company. 

According to a Notification of Share Dealing by Insiders seen by Shore.Africa, Biobaku, through Dalio Property Development Company Limited, sold his remaining 45,197,311 shares, representing a 1.54 percent stake in UAC of Nigeria, in a block transaction on the Nigerian Exchange. The shares were sold on June 16 at N185 ($0.13) each.

Biobaku’s Dalio Property exits UAC investment

This marks the exit of Dalio Property from UAC of Nigeria after years as a major shareholder. Founded by Biobaku, the real estate investment firm had remained one of the group’s key investors and held a seat on the board. The sale ranks among the largest insider transactions recorded on the NGX this quarter and turns the company’s long-held investment into cash.

The exit follows a steady reduction in ownership over the past year. As of Dec. 31, 2024, Dalio Property held 172.69 million shares, equivalent to a 5.9 percent stake in UAC of Nigeria. By the end of 2025, that holding had fallen to 45.2 million shares, or 1.54 percent. The latest transaction eliminates the remaining stake and completes the divestment process.

The development comes months after Biobaku assumed the role of chairman of UAC of Nigeria on Feb. 5, 2025, succeeding Dan Agbor, who had chaired the board for nine years. Before his appointment, Biobaku served as vice chairman from June 2023 and was already closely involved in the group’s strategic direction.

Biobaku sells stake amid UAC of Nigeria’s growth

Biobaku is widely known in financial circles for a career spanning more than two decades across investment banking, private equity and asset management. He previously served as co-managing partner at Blakeney Management in London, an emerging markets-focused investment firm, and held roles at Goldman Sachs International, Morgan Stanley International, and Davidson Kempner Partners.

His experience includes capital raising, corporate restructuring, mergers and acquisitions, business strategy, and board leadership across markets in Europe, the Middle East, and Africa. He holds a Master of Engineering degree in Engineering, Economics, and Management from the University of Oxford and a postgraduate degree in Real Estate Economics and Finance from the London School of Economics.

Biobaku’s recent stake sale comes as UAC of Nigeria enters 2026 on a strong earnings footing. The company reported a sharp increase in first-quarter profit and revenue, reflecting the impact of its acquisition of C.H.I. Limited from The Coca-Cola Company and a broader push into higher-margin consumer products. Profit for the quarter rose 311.39 percent year-on-year to N13.66 billion ($9.94 million), up from N3.32 billion ($2.41 million) a year earlier.