The Chief Executive Officer of Union Bank of Nigeria, Emeka Okonkwo, has increased his stake in the bank by acquiring an additional 3,951,874 units of the bank’s shares, worth N20.6 million.
According to a notice signed by the Company’s Secretary/General Counsel, Sonuyiwa Sonubi, the transaction took place at the floor of the Nigerian Exchange Limited (NGX), in Lagos, Nigeria.
The breakdown of the transaction showed that the accomplished banker purchased the aforementioned additional units of shares (3,951,874) at a unit price of N5.21 per share, totalling N20, 589,263.54
Recall that Mr. Emeka Okonkwo was appointed Chief Executive Officer of Union Bank in December 2020, and resumed by April 2021. He joined Union Bank in 2013 as an Executive Director in charge of the Corporate Banking and Treasury business, a role he held until his appointment as M.D/CEO.
Mr Okonkwo had joined the league of Union Bank’s biggest shareholders in May 2021, after he acquired an additional 2.4 million units of shares worth N11.9 million, thereby raising his total holdings in the bank to 8,094,748 units, translating to about 0.03% of the total shareholdings.
The recent transaction will further increase his stakes to 12,046,622 units of shares, placing him as the second highest individual shareholder of the bank, just behind the former CEO, Emeka Emuwa, who owns 196,086,583 units of direct and 20,936551 units of indirect shares in the bank.
Union Bank closed trading for the week ended 10th of September, 2021 with a share price of N5.05 per share.