Group Managing Director of FBN Holdings (FBNH) Urum Kalu (U.K) Eke is someone who clearly puts his money where his mouth is.
Eke’s direct holdings of FBN Holding shares was the only one to grow significantly in the past year from 22.4 million shares at the end of 2018, to 65.1 million shares at the end of last year, according to data from FBNH financial statements.
In essence Eke grew his holdings by 42.7 million shares in a one year period.
With FBNH share price averaging an average of N6.4 in 2019 it means that the FBNH GMD spent about N273 million in acquiring the shares.
Now is insider trading illegal in Nigeria? The law requires public disclosure of all trades.
Of course as GMD of the FBNH U.K Eke, was aware of the state of the banks operations and any positive surprises the bank would announce in its operations.
FBNH announced last month that Full year 2019 after tax profits rose 26 percent to N73.8 billion from N58.3 billion in 2018. It also announced final dividends of 0.38k per share.
See data below: