The management of Nigerian Exchange Group (NGXGroup) on Thursday disclosed that Dr. Faruk Umar, an independent non-executive director of Nigerian Exchange Limited (NGX) divested N16 million from the company.
In the disclosure statement signed by Mojisola Adeola, Company Secretary, Dr. Umar sold 800,000 units of Nigerian Exchange Group shares at N20 a unit on November 2, 2021, at the Nigerian Exchange Limited (NGX) trading floor in Lagos, Nigeria. Meaning, the director sold shares worth N16 million.
NGX listed 1,964,115,918 ordinary shares of NGXGroup at N16.15 per share on 15 October 2021 following the demutualisation of the Nigerian Stock Exchange (NSE).
The price of the shares rose to N25.9 per share before pulling back to N19.4 as of November 4, 2021. However, Dr. Faruk Umar sold his stake at N20 a piece. The statement is in line with NGX mandated disclosure ACT to force transparency across the Nigerian Exchange Limited.
Profile of Dr. Faruk Umar
Dr. Faruk Umar, a Harvard Business School Certified Corporate Director and a Fellow of the Institute of Directors (IOD), Dr Umar is an alumnus of Insead Institute, and Ahmadu Bello University, Zaria where he obtained his Bachelor and Masters degrees in Education and Educational Psychology in 1976 and 1979 respectively. He also obtained his Doctorate degree in Educational Psychology from University of Wisconsin, USA, in 1987.
Dr. Umar started his working carrier at the School of Preliminary Studies, Kano as a Lecturer in 1977. Between 1983 and 1984, he served as the Permanent Secretary, Special Duties, with Kano State Government and later worked as Manager, Research and Educational Services, at Kano State Foundation from 1988 to 1991. A Boardroom guru, Dr. Umar had served as a member on the Boards of Ashaka Cement Plc, Union Homes Savings and Loans Plc , CCNN Plc ,1004 Estates Limited and Nahco Plc among others. He is currently the Chairman , Board of Governors , Pearls Awards Nigeria .
Dr. Umar was a member of several Audit Committees and now serves on the Audit Committees of Seplat Plc , and Nascon Plc .
Dr Umar has attended several Executive courses organized by Euro Money Solutions and a course on Accounting and Finance for Non – accounting Executives at Stanford University in the USA .Dr Umar was a member, Finance Committee, Vision 20:2020 and also a member of the Committee that reviewed the Investment and Securities Act , as well as the Committee that reviewed the Companies and Allied Matters Act (CAMA )and Trustees Investment Act (TIA).
Dr. Umar was the National President of Rumfa Old Boys Association from 2009-2011 and currently the President of the ABC/ABU Alumni Association He currently holds the title of Babalaje of Inisa Land. Dr Umar has also been appointed as a Non-Executive Director of the Nigerian Exchange Limited.
