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Stock Market

UBA’s Non-Executive Director acquires additional shares of the bank

Mr Fashola, UBA’s Non-Executive Director has acquired additional shares of the bank worth N890,000.

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Mr Kayode Fashola, a Non-Executive Director of United Bank for Africa has increased his stakes in the leading Pan-African Bank with the purchase of 100,000 additional shares of the bank.

This is according to a Notification of Share Dealing by an Insider, signed by the company secretary, Mr. Bili A. Odum, and published on the website of the Nigerian Stock Exchange.

It is important to note that the notification is compliant with The Exchange’s policy on insider dealing.

READ: UBA Plc H1’2020 results, a true reflection of its rightsizing decision?

The statements revealed that the Non-Executive Director increased his stakes in the UBA with the acquisition of exactly 100,000 additional shares of the bank at N8.9 per share, on the floor of the Nigerian Stock Exchange on 30th December 2020.

This puts the total consideration for the shares purchased by Mr Fashola at N890,000.

READ: UBA posts N77.1 billion Profit in 9M 2020

Why this matters

  • Dealings by insiders of listed companies are corporate actions to be disclosed by the management of the company.
  • This is in compliance with NSE’s policy on insider dealing, as the disclosure is key in the effort to ensure transparency and reinforce the trust of the investing public.
  • The purchase of the shares of UBA further cements the Director’s position as a substantial shareholder of the company.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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