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.
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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.
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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.