Otunba Subomi Splashes N15.331 Million on FCMB Shares

Chief Balogun Michael Olasubomi, the founder of FCMB Group, purchased additional shares of 5,123,275 in five different transactions between December 18th and 24th, 2020.

The leading banker and philanthropist purchased 1,299,198 units at N3.0154 per share on December 18th.

On December 21, 22, 23 and 24, he added 524,077 units, 1,100,000 units, 200,000 units and 2,000,000 units at N2.9674 per share, N2.9779 per share, N2.9997 per share and N3.0019 per share, respectively.

Bringing aggregate volume of purchase to 5,123,275 units at an average price of N2.9925 per share. Meaning, Chief Olasubomi splashed additional N15.331 million on FCMB Group shares to expand his large stake in the leading financial institution.

This is coming few days after Dangote Cement Plc announced it will commence 1.7 billion shares buy back on December 30, 2020.

Several executives, especially bank executives, and businesses have started expanding their holdings ahead of economic recovery and the full effect of the recently opened land borders.

Also, the uncertainty surrounding the real sector given weak economic productivity and heighten risk has forced most investors to remain within the capital market as seen in recent weeks. See the details of Otunba transactions below.