Tony O. Elumelu, the Chairman of the United Bank for Africa (UBA) and Heirs Holding Limited, purchased additional 4,817,855 shares of United Bank for Africa Plc.
In a statement signed by Bili A. Odum, Company Secretary, UBA and released on the Nigerian Stock Exchange, the bank stated that Mr. Tony O. Elumelu bought the shares on Tuesday, September 22, 2020, from the Nigerian Stock Exchange in Lagos at an average price of N5.9999 per share.
Insider dealing (transactions), both sales and purchases, are often an indication of how shareholders perceive a company’s valuation. It could also mean a possible capital raise or that the majority of shareholders are strengthening their existing holdings.
The recent purchase is in addition to the 2,199,373, 62,643,500 and 6,980,426 shares purchased between 20, 21 and 24, July 2020 in Lagos. Therefore, the Chairman has now purchased a combined 71,823,299 shares in the month of July.