The Managing Director/CEO of NEM Insurance Plc, Tope Smart, has purchased an additional four million units of the insurance firm’s shares worth a total N9.24 million.
This is according to a notification, signed by the firm’s Secretary, Olajumoke Philip-Akede, and sent to the Nigerian Stock Exchange Market today, as seen by Nairametrics.
According to the disclosure, the transaction which occurred in only one tranche took place on the 8th of January, 2021 and saw a total of 4 million units of the firm’s share purchased at N2.31 per share.
What you should know
NEM Insurance earlier announced the distribution of bonus shares of 4.7 billion units at N0.50k worth N2.36 billion.
N.E.M. Insurance Plc is a non-life insurance group organized around 6 areas of activity, namely; car insurance (29.1% of gross written premiums), fire insurance (23.8%), accident insurance (20.2%), oil and gas insurance (14.8%), marine insurance (10.9%), reinsurance (1.2%).
As at the time of reporting this, NEM Insurance Plc shares currently ended trading today, 11 January at N2.30.
Why it matters
The disclosure is in line with the NSE policy and provisions for insider trading, as captured by Rule 17: 15(c) of The Rulebook of The Exchange, 2015, aimed at ensuring transparency in the process.