The Managing Director and CEO of AIICO Insurance, Babatunde Fajemirokun has purchased 2,473,095 shares of the firm in what could be bullish bets that the stock will go higher.
Fajemirokun purchased the shares on 22nd May 2020, at a price of N1.02 per share for a total consideration of N2.52 million, according to a filing on the Nigerian Stock Exchange (NSE).
When insiders purchase shares in the company they represent it is often interpreted as a bullish signal by the markets.
AIICO Insurance closed trading at N1.01 per share yesterday. The stock has been on a tear recently and is up 48 percent in the past year.