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Oliver Alawuba, UBA Deputy Managing Director, Increases Stake in United Bank for Africa

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Oliver Alawuba - Investors King

Oliver Alawuba, Deputy Managing Director of the United Bank for Africa, has added 986,000 shares valued at N7.148 million to his stake in the bank.

The lender disclosed in a statement signed by Bili A. Odum, Group Company Secretary, UBA Plc.

Mr. Alawuba purchased the shares at N7.25 a unit on Thursday, June 24, 2021 at Lagos, Nigerian Exchange Limited trading floor.

Oliver Alawuba has worked with the UBA Group for almost 20 years and was appointed in January 2020, CEO for the Group’s Africa operations. He previously held the role as CEO of UBA in Ghana and more recently, as Regional CEO for UBA in Anglophone Africa.

Mr. Oliver Alawuba has over twenty years of work experience in the banking industry and the academia. Oliver was at various times an Executive Director at Finbank Nigeria Plc (now FCMB Plc), MD/CEO of UBA Ghana Ltd, MD/CEO of UBA West Africa, Directorate Head, Public Sector and Personal Banking and Regional CEO, UBA Africa – Anglophone.

Oliver has B.Sc and M.Sc degrees in Food Science and Technology and MBA in Banking and Finance. He is an alumnus of the AMP and SEP programmes of the prestigious Insead Business School, France, and London Business School respectively. He is also a Fellow of Nigerian Institute of Management and Honorary Senior Member of Chartered Institute of Bankers of Nigeria.

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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Capital Market

NGX Lifts African Alliance, Royal Exchange Trading Suspension

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African Alliance insurance - Investors King

The Nigerian Exchange Limited (NGX) has lifted the suspension placed on trading in shares of African Alliance Insurance Plc and Royal Exchange Plc following their failures to filed their audited financial statements for the year ended 31 December 2020 and unaudited financial statements for the quarter ended 31 March 2021.

The companies were among the four companies suspended on 2 July 2021. However, the suspension was lifted after the two companies filed their audited financial statements and unaudited financial statements as required. The other two companies are the Niger Insurance Plc and the Tourist Company of Nigeria Plc.

NGX disclosed in a statement published on its website.

The statement reads, “African Alliance Insurance Plc and Royal Exchange Plc, two (2) of the four (4) listed companies that were suspended on 2 July 2021, have now filed their Audited Financial Statements for the year ended 31 December 2020 and Unaudited Financial Statements for the quarter ended 31 March 2021.

“In view of the companies’ submission of these financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; “The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The Exchange is satisfied that the accounts comply with all applicable rules of The Exchange. The Exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted”, Trading License Holders and the Investing Public are hereby notified that the suspension placed on trading on the shares of African Alliance Insurance Plc and Royal Exchange Plc was lifted on Monday, 4 October 2021.”

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Capital Market

Insider Dealing: Indimi Acquires an Additional 5.1 Billion Ordinary Shares Worth N3.3 Billion in Jaiz Bank Plc

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Alhaji Indimi - Investors King

Alhaji (Dr.) Muhammadu Indimi, the billionaire founder of Oriental Energy Resources, purchased additional shares of 5,076,923,077 in Jaiz Bank Plc, according to the statement published on the Nigerian Exchange Limited.

Indimi acquired the 5,076,923,077 ordinary shares at N0.65 per share, representing an investment of N3.3 billion or $8 million in the bank. The declaration is in line with the Nigerian Exchange Limited insider dealing disclosure instituted to enforce transparency across the Exchange.

The statement reads “Trading License Holders and the Investing Public are hereby notified that additional 5,076,923,077 ordinary shares of 50 kobo each of Jaiz Bank Plc (Jaiz Bank) were on Monday, 4 October 2021, listed on the Daily Official List of the Nigerian Exchange Limited (NGX).

“The additional shares listed on NGX arose from Jaiz Bank’s private placement of 5,076,923,077 ordinary shares of 50 kobo each to Alhaji (Dr.) Muhammadu Indimi at N0.65 per share.”

The billionaire previously owned 3,233,813,044 ordinary shares in the bank. He now holds 8,310,736,121 shares, representing 24.06 percent in the bank. Alhaji Indimi is Jaiz Bank’sAlhaji (Dr.) Muhammadu Indimi, the billionaire founder of Oriental Energy Resources, purchased additional shares of 5,076,923,077 in Jaiz Bank Plc, according to the statement published on the Nigerian Exchange Limited. largest shareholder.

On Monday 4, October 2021, Jaiz Bank listed the 5,076,923,077 on the Nigerian Exchange Limited (NGX). With the listing, the bank’s total issued and fully paid-up shares has now increased to 34,541,172,377 ordinary shares of 50 kobo each, up from 29,464,249,300.

Indimi is the founder and chairman of Oriental Energy Resources, a Nigerian oil exploration and production firm established in 1990.

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Airtel Nigeria to BuyBack N61.24 Billion Worth of Shares

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Airtel Financial Results - Investors King

Airtel Africa, a leading provider of telecommunications and mobile money services, with offices in 14 nations across Africa, on Monday announced that its subsidiary Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria, has initiated a process under which it seeks to buy back the 8.27 percent minority shareholdings at an offer price of N55.81 per share.

The company disclosed in a statement filed with the Nigerian Exchange Limited and seen by Investors King.

According to the statement if all holders agreed to sell their shares, the total buy back is estimated at N61.24 billion  (c$148.1mn using an exchange rate of 413.38 NGN/USD).

Therefore, the telecommunication giant, disclosed that this represents an open offer to all shareholders.

A share buyback or repurchase is the re-acquisition by a company of its own shares. It represents an alternate and more flexible way of returning money to shareholders.

Share buyback sends a positive signal as the company is investing in its own shares because it is positive about its own future prospects.

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