A total of 429,664,606 units of CWG Plc shares were executed as an off-market trade on Tuesday, May 12, 2026, in a single deal brokered by Cordros Securities Ltd, which acted on both the buy and sell sides of the transaction — a structure known in market parlance as a negotiated cross deal.

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Nairametrics gathered that the block trade, valued at approximately N8.98 billion was executed at unit price of N22.00 per share slightly above N21.50 prevailing market price, representing roughly 17% of the company’s total issued share capital of 2.52 billion shares.

The transaction is one of the largest single-ticket off-market trades in the Nigerian Exchange (NGX) technology sector in recent memory.

The sheer scale of the transaction triggered immediate speculation in market circles about whether a new strategic investor had taken a significant position in the pan-African ICT company.

What Nairametrics found out: 

A senior dealing member of the NGX, who is familiar with the transaction, told Nairametrics exclusively that there is no new money, no new investor, and no strategic acquisition involved. The insider who pleaded anonymity refused to disclose details of the investor as he wasn’t given permission to do so.

  • “No strategic investment. It’s a mere book over. It’s just an existing investor just 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 stockbroker added.
  • The dealer further explained that the trade had no impact on 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 said.

He confirmed the transaction was executed at or very close to the prevailing best market price, and was done as a single block rather than through the open order book.

More insights: 

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 that 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 to avoid any inference of price manipulation, even though no arms-length transaction between different economic parties has taken place.
  • Thus, the stock price closed negative on Tuesday, May 12, 2026 at N21.00 per share on the Nigerian Exchange (NGX), recording a 4.1% drop from its previous closing price of N21.90.

The stock began the year with a share price of N18.00 and has since gained 16.7% on that price valuation, ranking it 76th on the NGX in terms of year-to-date performance.

What you should know

CWG Plc, Computer Warehouse Group, delivered a strong FY 2025 performance, with revenue rising 41.7% to N65.66 billion and net profit surging 84.2% to N5.61 billion, while earnings per share settled at N2.22.

  • Consequently, the company declared a final dividend of 70 kobo per share, up 79% year-on-year, which was paid to shareholders on April 17, 2026.
  • The company is currently the 71st most valuable stock on the NGX with a market capitalization of N53 billion, which makes about 0.033% of the equity market.
  • The 429.7 million shares involved in today’s block transfer represent approximately 17% of CWG’s total outstanding shares of 2.52 billion.
  • 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.