Insider Dealings: Zenith Bank Purchases 5,000,000 Shares By Directors

Zenith Bank Plc Thursday announced that insider dealings of 5,000,000 shares in line with the new Nigerian Stock Exchange (NSE) policy.

Brandnewsday confirms in a note signed by the company secretary, Michael Osilama Otu, and made available through the Nigerian Stock Exchange.

Intriguingly, the lender disclosed that Ebenezer Onyeagwu (Group Managing Director/CEO), and two executive directors purchased 5,000,000 ordinary shares of Zenith Bank Plc, at an average price of N17.07 per unit.

Zenith Bank Purchases 5,000,000 Shares

The transactions were in multiple tranches between September 15 and 16, 2020.

Break down of the aggregate information:

Ebenezer Onyeagwu – Group Managing Director/CEO

500,000 shares – N17.10 per unit
500,000 shares – N17.00 per unit

Ahmed Umar Shuaib – Executive Director

1,500,000 shares – N17.20 per unit
500,000 shares – N17.10 per unit

Dennis Olisa – Executive Director

1,695,670 shares – N17.20 per unit
304,330 shares – N17.10 per unit

Accordingly, the average total purchase stood at 5,000,000 shares valued at N85,366,666.67.

READ: Zenith Bank Bags Number One Bank In Nigeria

In a similar vein, the Nigerian Bank has published its half-year (Q2) 2020 unaudited results for the period ended June 30th, 2020, experiencing a rise in profit after tax.

This burgeoning gathers that increased its gross earnings to N346.1 billion from N331.6 billion as interest income rose to N217.0 billion from N214.6 billion, while, while its Profit After Tax (PAT) grew by 16.8% to N103.8bn from N88.9 billion in the previous quarter, despite the COVID-19 pandemic and lockdown.

Zenith Bank had a profit before tax of N114.1 billion, higher than the N111.7 billion declared in the first half of 2019.

READ: Zenith Bank Announces N103.8Billion Profit After Tax In Q2