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

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 a 24.06 percent stake. Therefore, Alhaji Indimi is Jaiz Bank’s 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.