Why All Nigerian Stock Traders Must Monitor Insider Dealings
Since the Nigerian Stock Exchange (NSE) mandated listed companies to disclose insider dealings, a lot has changed as traders and stakeholders now have an idea of who is buying what, at what price level and quantity being bought.
However, despite the level of details, most traders are yet to realise the importance of these details to stock performance. For instance, in the last one month, Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank, has been buying the company’s stock in large quantity and acquired a total of 7.532 million in the last one month.
On July 8th, the bank announced its wholly-owned subsidiary, Access Bank Zambia Limited was in talks to acquire Cavmont Bank Limited. While this may still be wrong on the part of the CEO who has seemingly taken advantage of his knowledge of the ongoing deal, it allows traders to model their strategies in line with executive actions/purchases by those with undivulged fundamental details of a certain stock.
Presently, Excelsior Shipping Limited, a substantial shareholder of Flour Mills of Nigeria Plc, has acquired almost 3.5 million of the company’s shares in the last one month, while Blakeney LLP, a substantial shareholder of UAC of Nigeria Plc bought 40 million units of the company’s shares last month.
The new disclosure policy will now allow stock traders to have an understanding of corporate actions by those previews to details they do not have.
The good news is, Investors King has devoted a complete section to insider dealings. Just click here every morning to know who is buying what, at what price level and the sequence and pattern of purchase.
Okey Nwuke, Access Bank Non-Executive Director, Purchases 1.3 Million Shares in the Bank
Dr. Okey Nwuke, a non-executive director in Access Bank, has purchased 1.3 million shares of Access Bank, according to the latest disclosure filing from the bank.
Nwuke bought 1.3 million shares at N7.45 a unit on May 5, 2021 at the Nigerian Stock Exchange (NSE).
Dr. Nwuke has over 28 years’ experience in finance and corporate governance working with top corporates and leading commercial banks in Nigeria. He is a Fellow of both the Institute of Chartered Accountants of Nigeria and Chartered Institute of Taxation of Nigeria, an honorary member of Chartered Institute of Bankers of Nigeria and a member of Business Recovery and Insolvency Practitioners.
He has garnered considerable expertise in credit analysis and bank financial management through professional training as a Chartered Accountant, from relevant training programmes as well as on the job training. He was an Executive Director in Access Bank from 2004 to 2013 and served as the Chairman of the Board of Directors of the Bank’s subsidiaries in Rwanda and Burundi. Dr. Nwuke was a pioneer Non-Executive Director of Stanbic IBTC Pension Managers Limited representing Access Bank.
Dr. Nwuke’s key competencies include finance, strategy development and execution, organizational restructuring and transformation, leadership and change management. He joined the Board of Coscharis Group in August 2014 and is currently responsible for the strategic drive to position it for sustainability. He currently chairs the Shareholders’ Audit Committee of NASCON Plc and sits on the Boards of Access Pension Fund Custodian Limited, First Ally Asset Management Limited, Claritus Limited and Simply Gifts and Interiors Limited.
He holds a B.Sc. Degree in Accountancy from University of Nigeria, Nsukka and an MBA (Distinction) in International Banking and Finance from the Birmingham Business School, United Kingdom. Dr. Nwuke holds a Doctorate Degree in Business Administration (DBA) from Walden University, Minnesota, USA with a research focus on leadership transition challenges in family businesses. He has been exposed to several leadership and professional development programmes at renowned institutions including Harvard Business School, Boston (AMP 175), Wharton Business School, Pennsylvania (both in U.S.A), INSEAD and IMD.
He joined the Board in November 2019 and currently chairs the Board Credit and Finance Committee. He is also the Vice-Chairman of the Board Technical Committee on Retail Expansion.
MTN Nigeria Completes Issuance of N110 Billion Series I Fixed Rate Bonds
MTN Nigeria Communications Plc (MTN Nigeria) has completed the issuance of N110,001,000,000 Series I 7-Year 13.0 percent Fixed Rate Bonds due 2028 (Series I Bond) under the N200,000,000,000 Bond Issuance Programme.
MTN Nigeria had initially indicated the intention to raise N100 billion in Series I of the registered Shelf Programme.
The Series I Bond is the largest corporate bond issuance in the debt capital markets thus far in 2021 and MTN Nigeria’s debut in the domestic bond market, the Company having established a strong presence in Commercial Paper issuances.
The Book Build process in respect of the transaction launched on 9 April 2021 and was completed on 16 April 2021. The transaction was well received with active participation from a wide range of high value and quality investors including pension funds, fund managers, banks, insurance companies, trustees, corporates, and high net worth individuals. The total value of orders received during the Book Build was N132,151,000,000, representing a 1.32 times oversubscription of the intended N100,000,000,000 issuance. The issue was launched at a clearing coupon of 13.0 percent with N110,001,000,000 in qualified bids.
The Series I Bond Issuance further reinforces MTN Nigeria’s strategy of diversifying its funding sources and reflects its market leadership and strong credit quality, as well as the resilience of the domestic debt capital market. The net proceeds will partly be used to refinance existing debt and support the rollout of critical network infrastructure.
Commenting on the bond issuance, Karl Toriola, Chief Executive Officer of MTN Nigeria, said “We are very proud of this landmark transaction, which is the first-ever telco bond issued in Nigeria and the largest corporate bond issuance this year. The domestic debt capital market has given us the opportunity to further diversify our funding sources and extend the maturity of our debt portfolio and profile to match investment in infrastructure. The strong support for this transaction, given the challenging environment, is a reflection of the depth of the market, and investor confidence in MTN Nigeria’s long-term strategy, our management team, and the overall telecoms industry”.
Chapel Hill Denham Advisory Limited acted as the Lead Issuing House while Stanbic IBTC Capital, DLM Advisory, FCMB Capital Markets, FBNQuest Merchant Bank, Rand Merchant Bank, and Vetiva Capital Management acted as Join Issuing Houses.
Seplat Announces Currency Exchange Rates for Proposed Final Dividend for 2020
Seplat Petroleum Development Company Plc, a leading Nigerian independent oil and gas company listed on both the Nigerian Exchange Limited and London Stock Exchange, today confirms that the following currency exchange rates will be applicable in the determination of the proposed final dividend for 2020 to any shareholder that qualifies for and has elected to receive the dividend payment in Naira or GBP:
1 USD = 410.24 Naira
1 USD = 0.7197 GBP
The exchange rate for the Naira or Pound Sterling amounts payable was determined by reference to the exchange rates applicable to the US dollar available on 30th April 2021.
The closing date for Dividend currency election to the Company’s Registrars is 18th May 2021. In the absence of a qualifying Dividend currency election by shareholders to the appropriate Registrar, dividends will be paid in their default currency. Shareholders should refer to the Company’s announcement on 1st March 2021 for definition of default currencies and dividend currency election forms can be found on the company website at https://seplatpetroleum.com/investors/dividend.
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