Access Bank’s Chief Executive Officer, Herbert Wigwe, has sold 28.86 million shares worth N297.82 million, which represents 2.33% of his stakes in the bank. The transaction, which was done through Trust Capital Limited, was disclosed in a notice filed at the Nigerian Stock Exchange.
This means Wigwe had sold 6.81% of his stake in the financial institution, as he had sold a 4.48% stake on Friday. The bank disclosed in a notification of insider dealing, which was filed at the NSE on Friday, that its CEO sold 55.6 million shares ordinary shares, which he held indirectly.
Details: Access Bank said Wigwe held a total of 1.24 billion indirect shares as of April 2019. The indirect shares were made up of 537.73 million shares owned by United Alliance Company of Nigeria Limited and 702.56 million shares owned by Trust and Capital Limited.
- It said the 55.6 million shares sold were from Wigwe’s indirect holding through Trust and Capital Limited
- It added that the number of shares sold was an aggregation of sales made on four different instances ― 3.61 million shares on January 10, 20.14 million shares on January 13, 9.24 million shares on January 14 and 22.63 million shares on January 15.
- Wigwe sold the shares at a price of N10.80 on January 10, N10.70 on January 13, N10.56 on January 14 and N10.22 on January 15.
- Out of the 15 members of Access Bank’s board of directors, Wigwe has the highest stake in the bank, directly owning 201.23 million shares and 1.24 billion shares indirectly.
- The additional 28.86 million shares were sold at N10.32 on January 16.
Investors raise concerns: In what is looking like a major concern to investors, the bank CEO’s is selling down his shares just after the bank announced that it had suspended its closed period. Earlier in the year, January 8th the bank announced that it had suspended its closed period which it had earlier communicated on December 30th. The closed period was supposed to last until January 29th, 2020.
Some investors who spoke to Nairametrics on the condition of anonymity are now wondering if there is a connection between the back to back sale of shares and the abrupt suspension of the announcement of the closed period.
While there is no proof, it is likely that as a leading member of the management of the bank he may have seen the results of the company giving him an undue advantage over other shareholders of the company who are not privy to results.
The share price of Access Bank Plc closed at N10 on December 31 and recorded a sustained appreciation up till January 8, where it closed a N11.80. Access Bank closed trading on Tuesday at N10.05 having opened at N10.75.
Breaking: FG announces new dates for domestic flight operations
This was disclosed in a tweet post by the Minister of Aviation, Hadi Sirika.
The Federal Government has announced the resumption schedule for domestic flight operations in our airports.
In the schedule that was announced by the Minister for Aviation, Hadi Sirika, domestic flight operations will resume in Abuja and Lagos airports on July 8, 2020. The airports in Kano, Port Harcourt, Owerri and Maiduguri will resume on July 11 and the domestic flight operations in the other airports will resume on July 15.
This was disclosed in a tweet post by the Minister of Aviation, Hadi Sirika, on his official Twitter handle on Wednesday, July 1, 2020.
I am glad to announce that Abuja & Lagos airports will resume domestic operations on the 8th of July, 2020. Kano, Port Harcourt, Owerri & Maiduguri to resume on the 11th. Other airports on the 15th. Date for international to be announced in due course. Bear with us, please 🇳🇬🙏🏽🇳🇬
— Hadi Sirika (@hadisirika) July 1, 2020
Just in: FG increases fuel price to N143.80 per litre
This was disclosed by Petroleum Products Pricing Regulatory Agency (PPPRA) in a circular.
The Federal Government has announced an increase in the new pump price of Premium Motor Spirit, otherwise known as Petrol, to N143.80 per litre.
According to a monitored report, this was disclosed by Petroleum Products Pricing Regulatory Agency (PPPRA) in a circular dated Wednesday, July 1, 2020, to oil marketers,
The statement from the circular says, ‘’After a review of the prevailing market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80-N143.80 per litre for the month of July 2020.’’
Fidelity Bank announces closed period ahead of H2 financial statements release
Fidelity Bank Plc is expected to release its half-year 2020 financial statement on or before August 29, 2020.
Fidelity Bank Plc announced earlier today (Wednesday, July 1st, 2020) that it has commenced the preparation of its half-year 2020 financial statements.
A statement sent by the bank to the Nigerian Stock Exchange (NSE), said the financial statements would be sent to the Central Bank of Nigeria for approval, once the audit process is completed. All things being equal, Fidelity Bank’s H2 2020 financial statements will be made available to the public by August 29 this year.
In the meantime, the tier-2 bank said it shall observe a close period from today until twenty-four hours after the H2 financial statement is eventually released. The implication of this closed period is that all persons with insider knowledge of the company’s affairs shall be prohibited from trading the company’s shares. Part of the statement by the company said:
“Upon completion of the audit, the Audited Financial Statements shall be presented to the Central Bank of Nigeria for approval and thereafter, published in compliance with the provisions of the Nigerian Stock Exchange Rule Book and other relevant statutes and/or regulations. The Bank expects to publish its Audited Financial Statements for the Half Year ended June 30, 2020, on or before August 29, 2020.
“In addition, the trading window for dealings on the Bank’s shares shall be closed to all insiders from July 1, 2020, until 24 hours after the release of the Bank’s audited Financial Statements for the Half Year ended June 30, 2020.”
Recall that Fidelity Bank Plc released its Q1 financial statement back in April this year which showed gross earnings at N51.1 billion compared to N48.4 billion in Q1 2019. Overall, both Profit before tax and profit after tax declined by 1% y/y to N6.6 billion and N5.9 billion respectively. Annualised RoAE however moderated to 9.8% in Q1 2020 compared to 12.0% in Q1 2019 and 13.3% in FY 2019.
Fidelity Bank’s stock closed trading earlier today on the NSE at a share price of N1.70, dropping by -2.30% from a previous close of N1.74. Year to date, the stock has shed about -8%.