- FBN Holdings, Others Disclosed Insider Dealings
Following the adjustment of the Nigerian Stock Exchange (NSE)’s policy on insider dealings disclosure in 2019, several NSE listed corporations have started reporting insider dealings largely attributed to price manipulation and part of the reason why the public no longer trust price movement of listed stocks.
On Tuesday, FBN Holdings disclosed that the company’s secretary, Oluseye Kosoko, purchased 2,000,000 ordinary shares of FBN Holdings Plc at N5.45 per share.
The date of the transaction was quoted as of June 9, 2020. Indicating the reason for the noticeable large volume of transactions on FBNH stock on Tuesday.
Other companies that have disclosed insider dealings in the last two months were Dangote Cement, UACN, AIICO, Fidelity Bank, etc.
On May 28, 2020, Devakumar Edwin, a director at Dangote Cement purchased 1 million units of Dangote Cement’s shares at N138.5 per share, according to the company’s official statement published on the Nigerian Stock Exchange on June 1, 2002.
Accordingly, Blakeney JP sold a cumulative 50 million ordinary shares of UACN at a price between N6.02 and N6.9 per share.
These disclosures were after public outcry that companies were using the insider dealings to manipulate stock prices and eventually hurt stocks outlook or investors projection of price action.