The chief executive of United Bank for Africa (UBA), Oliver Alawuba, and three other directors at the financial institution purchased shares cumulatively worth N658 million in various deals in the last one week.
All the shares purchased by the directors between 30 April and 2 May came to 18.8 million units, according to regulatory filings at the Nigerian Exchange Limited.
That comes as the top bankers apparently position ahead of a half-year dividend due later this year as their increased stakes are on track to hand them bigger cash rewards, compared to the same period of 2024, all things being equal.
Mr Alawuba who, as of last year, held 111 million shares in the lender, according to its latest audited annual report, acquired 10.4 million new shares, taking his tally 121.4 million and his stake to 0.4 per cent. The purchase, conducted on 2 May, was valued at N362.5 million.
The UBA chief more than doubled his holding in the corporation last year from 57 million shares in 2023, allowing him and the others to cash in on the 21.9 per cent leap in the share price during 2024 and earning him N333 million in final dividend, withholding tax inclusive.
Muyiwa Akinyemi, the deputy managing director in charge of the group’s southern operations, bought 2.8 million shares for N97 million on 2 May, a directors’ dealings document showed.
The new acquisition puts the holding of Mr Akinyemi, who increased his interest in the bank by 209 per cent last year, at 59.6 million shares, equivalent to 0.2 per cent. His gross final dividend for 2024 stood at N170.5 million.
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The group’s executive director in charge of finance and risk management, Ugochukwu Nwaghodoh, added 5.5 million units to his stake, which now totals 76.5 million or 0.22 per cent, on 2 May in a deal worth N193.3 million. Last year, the director bumped up his shares in the bank to 70.9 million from 25.9 million a year earlier.
His final dividend for 2024, before deducting withholding tax, summed up to N212.8 million.
Henrietta Ugbo, one of the company’s independent non-executive directors, obtained 150,000 shares worth N5.2 million in two separate deals on 30 April.
Until the latest transaction, her shareholding totalled 27,329 units, taking her current stake at 177,329 shares. Ms Ugbo received N81,987 in final dividend, including withholding tax, for last year.
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