Union Bank CEO, Emeka Okonkwo Purchases Additional 1.3 million Shares Worth N6.4 Million

Union Bank CEO Emeka Okonkwo

The Chief Executive Officer of Union Bank of Nigeria Plc, Emeka Okonkwo has purchased additional 1.3 million shares of the firm, worth a total of N6.4 million.

This is according to a disclosure signed by the company’s secretary, Somuyiwa Sonubi and seen by naijabusiness.com.ng.

According to the disclosure, the business magnate and bank chief purchased an additional 1,309,021 units of shares at the rate of N4.90 per share. The deal took place on the 8th of April, 2021 and on the floor of the Nigerian Exchange Limited.

Findings by naijabusiness.com.ng revealed that the recent deal would raise the total number of shares held by Mr Okonkwo to 6,920,779 units, indicating an increase of 23.3%, when compared to his previous holdings of 5,611,758 units as at December 2020.

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Recall that Mr Okonkwo recently took over the mantle of leadership from the Bank’s former CEO, Emeke Emuwa, following the decision of the latter to retire from the aforementioned capacity, as at 31st of March, 2021.

The recent deal might be an indication of strong insider optimism in the future and potentials of the firm, evident in its financial performance in recent times.

The firm in its last audited financial statements for the period ended 31st of December 2020, reported a profit after tax of N18.7 billion. Customers deposit advanced by 27.1% to close at N1.13 trillion, while a total expenses of N78.4 billion were recorded. Consequently, its earnings per share from continuing operations printed 85 kobo, just as a dividend of 25 kobo was announced for the period.