UBA Directors Purchase 27 Million Shares Amidst Company Growth

UBA Directors Acquire 27 Million Shares: Executive Directors of United Bank for Africa have been buying the company’s shares with fervor recently.

Among the directors is Ugochukwu Nwaghodoh, and a Group Company Secretary, Bili Odum, who have acquired 27 million units of the financial group’s shares.

Directors at United Bank for Africa have collectively acquired approximately 42,336,281 shares valued at N1.12 billion on the Nigerian Exchange Limited. Apart from Ugochukwu and Bili Odum, Deputy Managing Director Muyiwa Akinyemi purchased 20,000,000 shares. Also, Non-Executive Director Abdulqadir Bello bought 2,336,281 shares at N62.61 million.

UBA Directors Acquire 27 Million Shares

These investments coincide with UBA’s efforts to meet the Central Bank of Nigeria’s new capital requirement. In a related development, relatives of the bank’s chairman, Tony Elumelu, purchased 21,169 shares valued at N550,394. Market data indicates UBA’s shares closed at N26 each, with a market capitalization of N889.18 billion.

The value of the newly acquired shares was about N701.49m, according to details of the transaction filed with the Nigerian Exchange Limited on Friday.

Nwaghodoh purchased 12 million shares at N26.02 bringing the worth of the transaction to N312.24m. Odum also bought 15,000,000 units of UBA shares at N25.95 each.

Nwaghodoh purchased 10 million shares at an average of N26.22 per unit in 10 tranches, amounting to N262.20m.

These acquisitions come on the heels of the capitalisation drive of the bank to meet the new capital threshold of the Central Bank of Nigeria.

Already, the lender had said it would seek shareholders’ approval to raise funds from both the domestic and international capital markets.

UBA Directors Acquiring 27 Million Shares Leads To A Peak In Volume Chart

The securities of UBA had led the volume chart of the NGX in the last two trading sessions with 79.98 million units transacted in 689 trades on Wednesday and 102.23 million units, worth N2.68bn, exchanged in 952 trades on Tuesday.

On Thursday, trading activities in UBA shares were only surpassed by that of Nigerian Breweries.

Finally, UBA shares closed Friday’s trading at N26.4, having appreciated by 0.96 percent from the previous day.

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