BY BAMIDELE FAMOOFO
Zenith Bank Plc has continued on its mopping spree on the floor of the Nigerian Exchange with more than 8 million shares purchased in eight deals on November 8, 2022.
The bank through its Staff Provident Fund has embarked on a massive acquisition of its own shares in the stock market in recent times.
The Zenith Staff Provident Fund in its recent mopping up spent about N176.64 million on 8,102,544 million units of shares at an average price of N21.80 per unit.
The staff acquired about 4.13 billion ordinary shares of the bank valued at about N91.94 million in eight deals on November 22 on the floor of the Nigerian Exchange Limited.
The vehicle through which the deals were executed was Zenith Bank Provident Fund.
The bank’s Company Secretary/Legal Counsel, Michael Out attested to the deals in a notice sent to the NGX Limited, notifying the former about the transactions.
Breakdown of the transactions showed that 4,134,126 units aggregate volume of the bank’s shares were purchased at average price of N22.4 per unit on the transaction day.
Earlier in November, the tier-1 lender disclosed a series of filings of insiders’ dealings by some of its executive directors and other members of staff in the name of Zenith Staff Provident Fund to the Nigerian Exchange between October 31 and November 8, 2022.
For instance, one such notice dated November 7, 2022, indicated that on November 4, an Executive Director of the bank, Anthony Akindele Ogunranti, purchased 1,000,000 units at N19.90 per unit.
Another Executive Director, Denis Olisa, on October 28, 2022, snapped up 645, 000 units of the shares at N20 per unit. This was disclosed in a filing to the Exchange dated October 31, 2022, and signed by Michael Osilama Otu, the Company Secretary.
