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Insider Dealings: Tony Elumelu and Family Move to Completely Takeover UBA

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Tony Elumelu

Tony Elumelu, Relatives Increase Stake in UBA

In eight different filings with the Nigerian Stock Exchange (NSE), the Board Chairman, UBA, Tony Elumelu and relatives increased stake in United Bank for Africa (UBA) in a move that suggested confidence in the lender’s future and an opportunity to increase Elumelu family’s stake in one of Africa’s largest banks.

In one of the filings, Awele Elumelu, one of the relatives purchased 156,097 shares at N5.9999 per share on Tuesday, September 22, 2020 in Lagos.

This was followed by Nneka Elumelu and Ogechukwu Elumelu, relatives of the Chairman that acquires 106,464 shares and 127,673 shares at N6.0 per share per unit on the same day in Lagos.

Ogechukwu Elumelu added 127,219 shares and another 106,428 shares at N6.0 per share to take her total purchases to 361,323 shares.

Onyinye Elumelu bought 107,250 shares at N6.0 per share while Toby Onyemaechi Elumelu purchased UBA shares in two transactions, 7,460 shares and 7,452 shares at N6.0 per share.

Tony O. Elumelu, CON, the Board Chairman of UBA, purchased 4,817,855 shares at N5.9999 per share.

Likely scenario for an all out purchases, the family may want to capitalise on the low stock price given the current weak stock market outlook or there is an underground deal or detail they are privy to as witnessed during access bank Zambian acquisition a few months back.

The move may also be a gift to relatives from one of Africa’s richest men.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Insider Dealing: Chide Agbapu Buys 1 Million Shares in Fidelity Bank

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fidelity-bank

The management of Fidelity Bank on Friday said Mr. Chidi Agbapu, a non-executive director, bought 1,000,000 shares of Fidelity Bank Plc.

In line with the Nigerian Stock Exchange (NSE) disclosure policy, the lender said Agbapu purchased the shares in two different transactions on November 9, 2020.

According to a statement signed by Ezinwa Unuigboje, Company Secretary, Fidelity Bank, the shares were purchase in two deals of 500,000 units each at N2.75 per share. See the details below.

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Nestle S.A. Gradually Taking Over Nestle Nigeria, Increases Stake Yet Again

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Nestle

Nestle S.A. has once again increased stake in Nestle Nigeria in a move that scream absolute takeover or confidence in the future of Nestle Nigeria Plc.

In the latest statement forwarded to the Nigeria’s Stock Exchange, Nestle Nigeria Plc said Nestle S.A. purchased 102,690 shares of Nestle Nigeria Plc.

The shares were acquired at N1,400 per share on November 20, 2020 at Nigerian Stock Exchange (NSE) in Lagos, Nigeria.

This is Nestle S.A.’s second purchase this month following 229,697 shares of Nestle Nigeria Plc acquired on November 9th, 2020 in Lagos, Nigeria.

Nestle S.A. has invested more than N1 billion in Nestle Nigeria Plc this year alone, forcing investors to think a gradual takeover or change of leadership is around the corner.

 

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Zenith Bank Led Most Traded Stocks After Strong Third Quarter Financial Results

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Nigerian Stock Exchange

Investors traded 79.741 million Zenith Bank’s share valued at N1.913 billion on Monday following a strong positive third-quarter report released on Friday.

The leading financial institution posted N508.979 billion gross earnings in the nine months ended September 30, 2020. The highest among banks that have so far released their unaudited financial statements.

Investors traded 568.037 million shares worth N7.326 billion in 8,928 transactions during the trading hours of Monday.

The Nigerian Stock Exchange Market Capitalisation declined by N9 billion from N17.838 trillion to N17.829 trillion. While NSE All-Share Index depreciated by 0.04 percent to 34,121.78 index points.

Airtel Africa led top gainers with N25 or 5 percent to close at N525 per share. Nestle trailed Airtel with N25 or 1.82 percent to settle at N1400 per share.

Dangote Cement, BUA Cement and NEM followed with N6.6 or 3.42 percent; N2.55 or 4.77 percent and N0.02 or 0.78 percent to finish the day at N199.8 per share; N56 per share and N2.6 per share, respectively. See the details below.

Top Traded Stocks

Symbols Volume Value
ZENITHBANK 79,740,780 N1,912,937,383.60
FBNH 72,749,297 N499,576,761.15
ACCESS 65,741,063 N520,344,059.70
UBA 46,968,616 N360,036,464.00
GUARANTY 37,096,752 N1,266,010,624.80

Top Gainers 

Symbols Last Close Current Change %Change
AIRTELAFRI N500 N525 25 5.00%
NESTLE N1375 N1400 25 1.82%
DANGCEM N193.2 N199.8 6.6 3.42%
BUACEMENT N53.45 N56 2.55 4.77%
NEM N2.58 N2.6 0.02 0.78%

Top Losers 

Symbols Last Close Current Change %Change
STANBIC N43 N39.55 -3.45 -8.02%
WAPCO N24.5 N22.05 -2.45 -10.00%
FLOURMILL N27.75 N25.4 -2.35 -8.47%
GUINNESS N19.9 N18 -1.9 -9.55%
ARDOVA N15 N13.5 -1.5 -10.00%

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