A key shareholder and relative of the Managing Director of MCNichols, Ijeoma Chimaroke, offloaded a total of 7,080,263 units of her stake valued at N20.0 million in a series of transactions over the two periods.
The insider share sale transactions between June and September were disclosed in a filing with the Nigerian Exchange Limited (NGX) on Wednesday, October 8, 2025.
The disclosure, signed by Benedicta Sadare on behalf of S.E. Nomuoja & Co, the company secretaries, was lodged in compliance with NGX rules governing insider dealings. The stock gained 4.05% to close at N3.34 per share on Wednesday, October 8.
The notification revealed that Chimaraoke sold 3,023,095 ordinary shares of McNichols between September 18 and 19, 2025, at an average price of N3.57 per share, amounting to a total value of approximately N10.8 million.
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Earlier in June, between June 25 and 27, Chimaraoke had sold 4,057,168 shares valued at N9.2 million, at an average price of N2.27 per share. According to the company’s filings, Chimaraoke held 111,808,020 units (representing 10.01%) of McNichols’ issued shares as of June 30, 2025. The sale will leave her total holdings at 104,727,757 units, about half of her 216,635,454 units (19.40%) held during the same period in 2024.
Breakdown of the trades
The insider sale was executed in 14 tranches over two trading days, with prices ranging between N3.50 and N3.75 per share. The largest tranche comprised 955,101 shares at N3.51, followed by 907,683 shares at N3.55, and 784,000 shares at N3.52 per share. Other notable sales included 452,600 shares at N3.50, 244,093 shares at N3.52, and 152,399 shares at N3.53 per share.
Smaller trades ranged from 63,001 shares at N3.60 to 3,925 shares at N3.75 per share. In total, the aggregate value of the 3.02 million shares sold stood at N10,792,650.15, based on the average sale price of N3.57 per share.
Regulatory context and compliance
The NGX mandates all insiders — directors, senior executives, and their connected persons — to promptly disclose any transactions in the company’s securities under Rule 17.15 of the NGX Rulebook. Such disclosures, typically required within 24 to 48 hours after execution, are designed to ensure market transparency and prevent the misuse of privileged information. However, some transactions are disclosed long after the deals were sealed.
Market observers note that McNichols’ timely reporting of the transaction reinforces its adherence to good corporate governance and the transparency standards now increasingly enforced on the NGX.
While insider trades can sometimes raise questions about management’s view of a company’s valuation, analysts caution that such sales may not necessarily indicate bearish sentiment, as insiders often rebalance portfolios or meet liquidity needs.
Broader market and corporate context
The insider transaction coincides with a period of heightened activity in the Nigerian equities market, driven largely by retail investors and mid-tier listed firms like McNichols.
The company has been on analysts’ radar following a strong rebound in financial performance during the first half of 2025, signalling operational resilience and rising investor confidence.
Company financial summary: H1 2025
McNichols Consolidated Plc delivered a robust financial performance in the first half of 2025, ended June 30, 2025, marked by double-digit growth across key financial metrics.
Revenue: N3.08 billion rose by 17.99% year-on-year from N2.61 billion in the corresponding period of 2024.
Profit before tax also jumped by 45.4% to N114.71 million, while profit from continuing operations rose by 51% to N94.90 million. Total comprehensive income for the period rose by 56.3% to N98.25 million.
Earnings per share rose to 8.80 kobo as at half year 2025, up from 5.63 kobo. Finance charges moderated to N1.82 million, down from N3.67 million.
The company’s strong half-year result reflects effective cost control, reduced finance costs, and improved sales efficiency.
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