Stock Market
Insider Dealings: Adedotun Ogunbiyi Sells Stake in Mutual Benefits Assurance
Adedotun Ogunbiyi Reduces Stake in Mutual Benefits Assurance Plc
The management of Mutual Benefits Assurance Plc on Wednesday said Adedotun Ogunbiyi, a 5 percent or more shareholder, has sold 8,570,000 shares of Mutual Benefits Assurance Plc at 0.21 kobo per share.
According to a statement signed by Jide Ibitayo, Company Secretary, Mutual Benefits Assurance, and forwarded to the Nigerian Stock Exchange, the transaction took place on 08/09/2020 in Lagos Nigeria.
This was after Adedotun Ogunbiyi had sold 14,502,000 shares at 21 kobo on September 4 and 7, 2020. Ogunbiyi sells another 3.11 million shares at 20 kobo per unit in a transaction classified as a cross deal.
Bringing Ogunbiyi total sales in September to 26.182 million.
This happened before the recent surged in the price of Nigerian stocks following the Central Bank of Nigeria’s interest rate reduction.
Nigerian Stock Exchange market capitalisation rose above N15.110 trillion on Tuesday to put N709 billion in investors’ pockets in a single day. The largest single-day gain since 2015.