The United Capital Plc, a leading African financial and investment banking Group, on Thursday, disclosed insider dealing of 1,000,000 shares at N3.20 per share acquired by Emanuel Nnorom/Vine Foods Limited (a related company), on August 19, 2020.
The transaction took place at the Nigerian Stock Exchange in Lagos, Nigeria as confirmed in a statement signed by Leo Okafor, Company Secretary and released through the Nigerian Stock Exchange (NSE). Emmanuel N. Nnorom is a businessperson who has been at the helm of 9 different companies. Presently, he is Chairman of Afriland Properties Plc, President & Chief Executive Officer for Heirs Holdings Ltd., Chairman for Transcorp Power Ltd. and Chairman for Transcorp Hotels Plc.
He is also on the board of Transnational Corp. of Nigeria Plc (former President, Chief Executive Officer & Director), Africa Prudential Plc and United Capital Plc.
Details of the transaction
We reported earlier that one of its staff, Lipede, Olakale Adewale, United Capital Plc, purchased 9,638 ordinary shares in United Capital Plc at N3.03 per unit and another 20,500 units at N2.98 per share. Another Staff, TINUOYE KAYODE, CFA, Head, Portfolio Management purchased 500,020 units at N2.98 per share.
United Capital announced a profit after tax of ₦1.9 billion in the first half of 2020 – a 16% increase compared with the same period last year. This was primarily driven by a 77% increase in the investment bank’s revenue from fees and commissions which amounted to ₦1.4 billion.
Total Revenue in HY 2020 soared to N4.45bn from N3.24bn in HY 2019, an increase of 14.10% was recorded in PBT while PAT grew by 15.98% YOY.