First Bank MD Purchases Additional 17.1 Million Shares Worth N121.6 Million

First Bank MD

The Group Managing Director of First Bank of Nigeria Holdings Plc, U.K Eke (MFR) has purchased additional 17.1 million shares of the firm worth N121.6 million, according to findings by Naijabusiness.com.ng.

According to a disclosure signed by the company’s secretary, Seye Kosoko, the MD purchased a total of 17,104,359 units of the firm shares at an average price of N7.11. The breakdown of the transaction showed that about 12 million units out of the aggregated sum were purchased at N7.14, while the other 5,104,359 units were purchased at N7.07. A brief summary of the deal is succinctly captured below;

First Bank Md Purchases Additional 17.1 Million Shares Worth N121.6 Million 1

Recall that the FBN Holdings Plc have been in the news lately over some insider related and corporate issues. Few weeks ago, the Central Bank of Nigeria annulled the newly inaugurated board instituted by the firm, citing insider abuse, poor communication and corporate governance breaches as reasons for the decision.

READ: How Insider Loans, Poor Corporate Governance, and Others Nearly Ruined First Bank – CBN

Sequel to this, the recent disclosure from the banking giant is in line with NSE’s provisions for disclosing insiders’ transaction, aimed at averting insider related abuse and updating investors, customers and other relevant stakeholders. To this end, it is safe saying that the disclosure of the recent action is a major boost to the corporate image of the firm especially after the reputation and insider dealings of the firm was put in the negative spot light. The announcement is capable of earning back the trust of stakeholders and allaying their fears.

Naijabusiness.com.ng understands that the recent deal raises the total number of direct shares held by Mr U.K Eke from an initial 85,268,414 units as at December 2020 to 102,372,773 units, indicating an increase of about 20.1% between the aforementioned periods.