Those following along with Zenith Bank Plc will no doubt be intrigued by the recent purchase of shares by Ebenezer Onyeagbu, the Group Managing Director/Chief Executive of the lender, who spent a stonking NGN23,500,000 on stock at an average price of NGN23.50 on May 18, 2021.
In fact, the recent purchase by Ebenezer Onyeagbu was the among biggest purchase of Zenith Bank shares made by an insider individual in the last twelve months, according to our records.
Zenith Bank Plc, Group Managing Director and Chief Executive Officer, Ebenezer Onyeagwu | Brand News Day
The management of Zenith Bank Plc on May 14, 2021, announced that the bank’s Group Managing Director and Chief Executive Officer, Ebenezer Onyeagwu added 3 million shares of the bank to his holdings. Also, the GMD/CEO bought the 3 million shares at N22.50 per share or N67.500 million on Monday 22, March 2021 from the Nigerian Stock Exchange in Lagos, Nigeria.
This was after he bought 5 million shares at an average price of N22.41 per share or N112.050 million on Friday 19, March 2021. Bringing the total amount invested in the bank in March by Onyeagwu to N179.550 million. The GMD/CEO acquired 2 million shares at N22.25 a share before adding another 1 million shares at N22.30 per share on the same day.
The GMD/CEO increased his holdings by another 1.5 million shares of the bank at N22.60 a unit.
Finally, he bought 500,000 shares at N22.65 per unit to take the total purchase for that day to 5 million at an average price of N22.41 and valuation of N112.050 million.
The disclosure is in line with the Nigerian Securities and Exchange Commission (SEC) requirement that all insider dealings must be disclosed in line with the commission’s latest disclosure policy.
It’s certainly positive to see the recent insider purchase. We also take confidence from the longer-term picture of insider transactions. Given that insiders also own a fair bit of Zenith Bank we think they are probably pretty confident of a bright future. So while it’s helpful to know what insiders are doing in terms of buying or selling, it’s also helpful to know the risks that a particular company is facing.
READ: Zenith Bank CEO Purchases Additional 662,844 Shares in the Bank
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